eNewseltter for the month of August 2016.cdr (Latest) · Governance, Cognizant Technologies Ltd, Chennai Free 16.09.2016 Friday PCH 1 ICSI-SIRC House, Chennai Study Circle Meeting

Members

CS Nagendra D RaoCS Shastry P S

CS Dhanapal S

CS Ahalada Rao V CS Gopalakrishna Hegde CS Ramasubramaniam C

ChairmanCS Sivakumar P

Vice Chairman

Secretary

TreasurerCS Mohan Kumar A

CS Ganapathi G M

CS Ramakrishna Gupta R

Ex-officio

Co-opted Members

S B Gautam S Krishnan, I.A.S

SIRC eNewsletter Issue No.8

August 2016

SOUTHERN INDIA REGIONAL COUNCIL FROM THE CHAIRMAN

Dear Professional Colleagues,

From the Chairman

Forthcoming Programmes

Articles

SIRC Programme Photographs

1

3

4

27

st I have great pleasure in informing you that the 41

Regional Conference, an annual event of the ICSI-SIRC

is being held at Ramada Cochin Resorts, Kochi on

th thFriday & Saturday, the 14 & 15 October 2016. The

theme of the Conference is CS Rewarding Avenues -

Reaping Benefits: Growing by Leaps and Bounds. The topics of the

technical sessions to be deliberated on the two days Conference and the

relevant details are given in the newsletter elsewhere. I take this

opportunity to invite you to attend the Conference at Kochi. Eloquent

speakers and renowned intellects are being invited to speak at the

Conference to have an intellectual fare. All these things are arranged

with the delegates in mind, so that they carry with them memorable events

of the Two Day Conference. Needless to mention that the Regional

Conference is being organized after a gap of 22 years at Kochi. I have

every hope that all of you will be making your travel arrangements to attend

this memorable Conference and hope to see each and everyone of you in

th thKochi. Please block your dates to be with all of us on 14 & 15 October

2016 at Kochi. We are trying our best to be innovative and give you a

Conference that you will cherish for a long time.

thThe SIRC organized the 10 PCS Conference on the Theme “PCS –

th thWaves of Change: Ocean of Opportunities' on 5 & 6 August 2016 at

Madurai jointly with Madurai Chapter and Coimbatore Chapter. It was a

grand success with large Participation from Members & Quality inputs

from learned Speakers.

“ICSI-SIRC House”, No.9 Wheat Crofts Road, Nungambakkam, Chennai 600 034Tel No.28279898; 28268685, 28222212,Email: [email protected]: Website:www.icsi.edu

and Activity Report

Chapter's Activity Report

ICSI Publications

Announcement for Members

Announcement for Students

36

58

61

65

ICSI-SIRC eNewsletter/ August 2016

During this year, the ICSI-SIRC has given Members who enrol as life members of the

considerable attention for organizing Career Company Secretary Benevolent Fund during the

Awareness Programmes to disseminate about the month of September 2016, are entitled to attend the

CS Course among the student community. At programmes of ICSI-SIRC free of charge during

Chennai, we had participated in Career October to December (3 Months) excluding the

Exhibitions organized by Leading Newspapers. I National Programmes, Regional Conference and

request the Joint Programmes.

Members to inform the Regional Office or the The CS Acceleration Centre (CSAC) was

Chapters regarding the details of Schools/Colleges, inaugurated at SIRC Premises by CS Mamta th

where the Career Awareness Programmes can be Binani, President, The ICSI on 8 June 2016. The

conducted and addressed either by you or by us. CS Acceleration Centre (CSAC) is a training &

Your support in this direction will go a long way in Academic Initiative of ICSI to hove the professional

creating an awareness about the CS Course skills of Company Secretaries. This initiative by

extensively among the students. ICSI holds a lot of significance in terms of

accelerating the Government of India led 'Startup,

The ICSI-SIRC is Celebrating the Month of Stand up India' drive.

September 2016 as CSBF Month.

I appeal to our Practicing Professionals to make the

The power of belongingness and brotherhood is best use of this facility at Southern India Regional

known to all of us. Many a times we tend to think that Office which will provide an excellent work place for

our success as a personal achievement and forget Company Secretary at a very nominal cost of

the contribution of the community we belong to-in our Rs.5,000 per annum and usage of 72 hrs per year.

case, as professional, the community of Company The CS Acceleration Centre (CSAC) is equipped

Secretaries. The CS Benevolent Fund is one of such with all state-of-the Art facilities to resemble a

collective effort towards extending the much-needed corporate look having Wi-Fi/internet, Telephone,

financial support to the community of Company Scanning & Printing, Reception Desk, Reference

Secretaries in times of distress. I appeal to Members Library, Web Camera and other basic

who have not joined the Company Secretaries

Benevolent Fund to become its life members and

extend the benevolence to your brothers in times of

sorrow.

You can submit Form A and also the subscription a

month of Rs.7500 ONLINE through Institute's Web

portal www.icsi.edu. Alternatively, you can submit

Form A, along with a Demand Draft or Cheque for

Rs. 7500 drawn in favour of 'Company Secretaries

Benevolent Fund', at any of the Offices of the

Institute/Regional Offices/Chapters.

Yours Sincerely,

CS Sivakumar PChairman, [email protected]

With regards,

2

3

* It is only tentative, separate email will be sent before each programme

Block your Diary!

for the month of September 2016 (held / to be held)


Paid/Free

Date & Timing

Venue/ PCH

Event Speakers

Paid

03.09.2016 (Saturday) Rs, 750/- PCH 4

ICSI-SIRC House, Chennai

One Day Seminar on " Drafting & Vetting of Contracts”

Ms. Aarthi Sivanandh Partner, J Sagar Associates Chennai CS Srinivasan T A Senior General Manager-Head Corporate Legal, Dalmia Cement Bharath Ltd, Chennai Ms. Hufriz Wadia Partner Kochhar & Co., Chennai CS Deepa Baburaaj Director, Chief Counsel Contracts & Corporate Governance, Cognizant Technologies Ltd, Chennai

Free 16.09.2016 Friday PCH 1


Study Circle Meeting on "Latest updates on Dividend & Investor Education Protection Fund"

CS Chandra B Practising Company Secretary Chennai

Free 23.09.2016 ICSI-SIRC House, Chennai

Study Circle Meeting on “All you want to know on Company Audit”

CA Chinnsamy Ganesan Partner (Audit) – BSR & Co. LLP,Chennai

24.09.2016 ICSI-SIRC House, Chennai

Placement Programme

Paid

PCH 2


Half Day Seminar on “XBRL – Practical Issues””

CS Sucharita Practising Company Secretary, Chennai CS Pankaj Mehta Practising Company Secretary Chennai

3

4

- CS Sanka Indrani

- CS Achuthan R

Regulatory Updates during August 2016

Insolvency and Bankruptcy Code 2016

-CS Dhanapal S

My Nostalgia of CS Profession - 6-CS Subbaraman TP


August 2016

CS Subbaraman TP

Former Secretary, The ICSIMY NOSTALGIA OF CS PROFESSION – 6

In all recognized professions entry is given in the initial years to persons having adequate experience and

qualifications, without requiring them to undergo the requisite study and training for admission to

membership. Throughout the period the Institute was a company i.e. from 1968 to 1980, admission to all

eligible persons was a herculean task for the Council to decide and for me in implementing the decision

effectively. There were four categories of members provided in Article 4 for admission. Admission of

GDCS holders and those passing the Institute examinations and completing the required practical training

as members, was not a problem and I as Secretary was delegated the powers to admit them as members.

However, admission of foreign qualified secretaries and persons possessing secretarial experience with

other academic qualifications to the satisfaction of the Council posed innumerable difficulties for the

Institute as well as for the Government. Having seen the failure of the take off of the earlier Institute in

Calcutta, Government wanted the Institute to be liberal in admission of persons possessing other

qualifications and experience, to enable it later to prescribe the membership of Institute only for secretaries

under Section 383A of the Companies Act, 1956 for companies having a paid up capital of Rs,25 lakhs or

more, as desired by the Insitute. As Central Company Law Service officers also could have adequate

secretarial experience in regulating the working of companies, Government wanted the Institute to

consider their cases as well.

Experienced secretaries. Companies have their own modalities in designating their employees working

in their Secretarial Department, as Secretary or Joint/Deputy/Asst. Secretaries or even other executives

performing the duties of Secretary with some other designations, say Chief Accountant. In some cases it

was found that experience, trust and confidence of the top management was the sole criteria for

executives without adequate academic qualifications to hold top positions including as Secretary. With

the prevalence of Managing Agency and Secretaries and Treasurers system, some persons were

performing the services as Secretary for the holding as well as their subsidiary companies. Again, in

some cases it was found that some persons were working as Secretary in companies having less than 25

lakhs puc but having a larger turnover over the years. Therefore, in the initial stages when we strictly

applied our regulations, several applications got rejected for admission. They and several other equally

placed aspirants appealed to the Government for advising the Institute to be liberal in its approach. We

had to make a few permutations, combinations and even compromises in the regulations for admission of

experienced secretaries as members. Where we found inadequate academic qualifications (less than a

graduate), we gave exemption from Preliminary or Intermediate examinations and admitted them on

passing the final examinations, as members.

ICSI-SIRC eNewsletter/ August 2016 5

Central Co.Law Service officers. At the instance of the Central Government, we made regulations to

admit Grade III officers of CCLS having five years experience on the date of application, as Associate

members, considering their experience as equal to a Secretary of a company having a puc of Rs.25 lakhs or

more, provided it was also certified by a senior officer of the DCA. Later, we also sought reciprocation to

include our members for recognition for superior posts in CCLS. After all appeal cases of experienced

secretaries in corporate sector were finally considered and disposed off, the Council also closed

membership for DCA and CCLS officers as well.

Foreign qualified Secretaries. For members of Corporation of Certified Secretaries (till 1971 when it got

merged with the CIS) and Chartered Institute of Secretaries, admitted as their members with or without

passing all their examinations, we made some permutations and combinations as for experienced

secretaries, and admitted them as members upto a specified period. Earlier members of CIS were also

eligible under section 383A for five years from 1975, to be appointed as Secretaries. In 1979-80, the

Council had a dialogue with CIS India Association and persuaded them to withdraw their request to the

Government for renewal, as we decided to admit their members as members of the Institute. To remove

the hardship of ICSA students registered upto 31-7-1972 (when foreign exchange for writing their

examinations was stopped by RBI), it was decided to provide in the regulations for their admission once

they pass their final examination and undergo our prescribed training for admission as Associate members.

Thus all cases for direct admission as Associate members without writing our examinations were finally

closed by December 1980. In some cases where applicants went to High Courts and Supreme Courts for

direct entry, we defended our decision but lost a few and admitted them as members. We also had to

withstand great pressure from other professions, particularly CAs and Lawyers, for including their

qualifications also for appointment as secretaries in companies having a puc of Rs.25 lakhs or more.

Company Secretaries Qualification Rules, 1975 of 7 March 1975. These rules provided Institute

membership only for appointment as Secretary in companies having a puc of Rs.25 lakhs or more. It

further provided protection of a period of five years for those qualifying as members of Chartered Institute

of Secretaries, London. For companies having a puc of less than Rs.25 lakhs, persons passing the

Intermediate examinations also were eligible to be appointed as Secretaries. This was the first great

milestone statutory recognition for ICSI. Pressure was continuously mounted by other professionals,

particularly CAs and Advocates for including their qualifications also for this milestone recognition. In one

instance a news item appeared from Coimbatore that H.R.Gokhale, the then Law Minister had agreed to

include CAs also under these rules. I recollect Rajagopalan, then Secretary of Widia India Ltd., who was a


CA also, ringing me up from Bangalore asking me how that could happen. I received such calls from other

places including a student from a small place like Bhubaneswar. While the report was discouraging, I was

encouraged by the awakening calls from our members and students all over India. With unhappy

feelingswe fixed an appointment and met the Minister to convey our strong feelings. It finally transpired

that the Minister never made any such commitment but the request made by ICAI Coimbatore Chapter was

wrongly attributed to him.

CSQ Amendment Rules, 1979. As we did not succumb to the liberalization requirements of DCA for

admission of experienced secretaries, even when a Govt. nominee was persisting, a notification was issued

on 31-10-79 by DCA providing for a period of three years, that an employee of 383A company having

experience of performing secretarial duties or discharging secretarial functions for a period of not less than

ten years in a company, shall also be eligible to be appointed as secretary of that company, wef 31-7-79. We

were greatly distressed by the notification as undue advantage could be taken by many companies to the

detriment of our qualified secretaries. On our strong representation, the Government agreed to reduce the

period to one year and also clarified by a press note that the experience should be in the same company for

ten years and not elsewhere. We were watchful and until my retirement in 1993, the limit of Rs.25 lakhs was

not changed by the Government.


CS Dhanapal SPractising Company Secretary

S. Dhanapal & AssociatesChennai

THE INSOLVENCY AND BANKRUPTCY CODE, 2016 – LEGISLATIVE HISTORY

The Insolvency and Bankruptcy Code, 2015 was introduced in Lok Sabha on 21 December, 2015 and the

same was referred to Joint Committee on The Insolvency and Bankruptcy Code, 2015 for examination.

The report of the Joint committee was presented in Lok Sabha and was laid down in Rajya Sabha on April

28, 2016. The code has been passed by Lok Sabha on May 05, 2016 and by Rajya Sabha on May 11, 2016.

The Insolvency & Bankruptcy Code, 2016 has received Presidential Assent on May 28, 2016 and is

published in the Official Gazette. However, this code shall come into force on such date as the central

government may, by notification in official gazette, appoint.

From the above it can be seen that, laws relating to Insolvency and Bankruptcy can be legislated by both

Central & State Governments. Whereas, since laws relating to regulation and winding up of companies /

corporations / Banking are coming in List I, it appears laws can be legislated only by Central Government

leaving laws relating to regulation and winding up of corporations, other than those specified in List I to State

Governments' Legislative Power.

The Code seeks to amend the following 11 enactments while repealing Presidency Towns Insolvency Act,

1909 and Provincial Insolvency Act, 1920;

· The Indian Partnership Act 1932

· The Central Excise Act 1944

· The Income Tax Act 1961

· The Customs Act. 1962

· Recovery of Debts Due to Banks and Financial Institutions Act, 1993

· The Finance Act 1994

· The Securitization & Reconstruction of Financial Assets and Enforcement of Security Interest Act

2002

INSOLVENCY AND BANKRUPTCY CODE 2016

Versus

COMPANIES ACT 2013

CHANGES AND IMPACT - AN UNDERSTANDING

LEGISLATIVE AUTHORITY UNDER CONSTITUTION OF INDIA RELATING TO REGULATION,

WINDING UP OF CORPORATIONS ANDINSOLVENCY & BANKRUPTCY

Entry 43 List I Regulation and winding up of trading corporations, including banking, insurance and financial corporations, but not including co-operative societies

Entry 44 List I Incorporation, regulation and winding up of corporations, whether trading or not, with objects not confined to one State, but not including universities.

Entry 32 List II Incorporation, regulation and winding up of corporations, other than those specified in List I

Entry 9 List III Bankruptcy & Insolvency


· Sick Industrial Companies (Special Provisions) Repeal Act, 2003

· The payment and Settlement Systems Act 2007

· The Limited Liability Partnership Act 2008

· Companies Act, 2013 / 1956

The Insolvency and Bankruptcy Code, 2016, is divided into 5 parts. It consists of 238 clauses and 1 schedule.

Part I – Preliminary Part II – Insolvency Resolution and Liquidation for Corporate Persons Part III –

Insolvency Resolution and Bankruptcy for Individuals and Partnership Firms Part IV – Regulation of

Insolvency Professionals, Agencies and Information Utilities Part V – Miscellaneous Code and this code

extends to the whole of India, but Part III i.e. insolvency Resolution and Bankruptcy for individuals and

Partnership Firms will not extend to Jammu & Kashmir.

PROVISIONS OF COMPANIES ACT 2013 TO BE AMENDED / REPLACED

WITH THE PROVISIONS OF INSOLVENCY AND BANKRUPTCY CODE (IBC) 2016

UPON NOTIFICATION AS FOLLOWS;

Sl

Inserted

/Amended

Sections of

Companies

Act,2013

Impact in the provisions

of the Companies Act

2013 which stands

modified as per

Provisions of Eleventh

Schedule of Insolvency

and Bankruptcy Code

2016

Existing provisions of

Companies Act, 2013

Provisions of Eleventh

Schedule of

Insolvency Code

amend Companies Act

2013 as under.

1 2(23)

Definition of Company

Liquidator – Clause 23 is

getting substituted

Liquidator can be

appointed by the

Tribunal in case of

winding up by tribunal

or the Company /

creditors in case of

voluntary winding up

Liquidator can be

appointed only by the

Tribunal in accordance

with Section 275

2 2(94A)

New clause 94A inserted

in the Companies Act 2013

as per the Eleventh

Schedule of The Insolvency

and Bankruptcy Code 2016

to bring liquidation under

IBC, 2016 also within the

meaning of Winding up

under Companies Act 2013.

Originally winding up

only was covered

under Companies Act,

2013

Winding up also

includes liquidation

under IBC, 2016 as per

new clause 2(94A)

which stand inserted in

CA 2013.


8(9)

Transfer of excess assets of

Section 8 Company, in case

of winding up / dissolution.

For the words “the

Rehabilitation & Insolvency

Fund formed u/s 269”, the

words “Insolvency &

Bankruptcy Fund formed u/s

224 of the IBC, 2016” is

Substituted

“the

Rehabilitation &

Insolvency Fund

formed u/s 269”,

the words “Insolvency &

Bankruptcy Fund formed

u/s 224 of IBC, 2016”

stand inserted in Section

8(9) of Companies Act

2013.

66(8)

Reduction of Share Capital:

For the words “is unable,

within the meaning of section

271(2), to pay the amount of

his debt or claim” the words

“Commits default, within the

meaning of section 6 of the

IBC, 2016, in respect of the

amount of his debt or claims”

is substituted

Section 66(8)

triggers only when

commission of

default in payment

of debt / claim of a

creditor occurs.

the words “Commits

default, within the

meaning of section 6 of

the IBC, 2016, in respect

of the amount of his debt

or claims” stand inserted in

Section 66(8) of CA 2013.

77(3)

Duty to Register Charges etc

After the words “the

liquidator” the words

“appointed under this Act or

the IBC, 2016” is inserted

Unregistered

charges shall not

be considered by

the liquidator

appointed under

Companies Act,

2013

Unregistered charges shall

not be considered by the

liquidator appointed under

CA, 2013 as well as the

liquidator appointed under

the IBC, 2016

117 (3)(f)

Resolutions & agreements to

be filed:

For the words “section 304”

the words “section 59 of the

IBC, 2016” is substituted as

Chapter XX, Part II containing

section 304 to 323 dealing

with voluntary winding up is

fully omitted.

section 304

provided for

circumstances

where a company

can wound up

voluntarily

The words “section 59 of

the IBC, 2016” stand

inserted in Sec 117 (3)(f)

of CA 2013 in place of

words “section 304” as

Section 59 of IBC, 2016

provides for Voluntary

liquidation of companies.

224(2)

Winding up in pursuance

to the Inspectors Report:

After the words “wound

up under this Act” the

words “or under the IBC,

2016” is substituted

Section 224(2)

provides for Winding

up in pursuance to the

Inspectors Report

under this Act

The words “or under the

IBC, 2016” stand inserted

in Section 224(2) of CA

2013 in place of “wound up

under this Act”


230(1)&(6)

Power to compromise or

make arrangements with

creditors and members

Everywhere after the

word “Liquidator” the

words “appointed under

this Act or under the IBC,

2016” is inserted.

Section 230(1)&(6)

provides for Power to

compromise or make

arrangements with

creditors and

members.

The words “appointed

under this Act or under

the IBC, 2016” stand

inserted in Section 230 (1)

& (6) of CA 2013.

249 (1)(e)

Restriction on making

application u/s 248 in

certain situations, for

removal of name of the

Company

For the word “is being

wound up under Chapter

XX, whether voluntarily

or by the Tribunal” the

words “is being wound

up under Chapter XX of


2016” is substituted

Section 249 (1) (e)

envisages Restriction

on making application

u/s 248 in certain

situations, for removal

of name of the

Company is being

wound up under

Chapter XX, whether

voluntarily or by the

Tribunal

the words “is being wound

up under Chapter XX of


2016” stand inserted in

Section 249 (1)(e) of CA

2013 to replace the words

“is being wound up under

Chapter XX, whether

voluntarily or by the

Tribunal”

253-269 Chapter XIX – fully

omitted

CHAPTER XIX

comprising Section 253

– 269 deals with

Revival & rehabilitation

of Sick Companies.

Chapter XIX of CA 2013

stands fully omitted as

equivalent provisions were

got incorporated in the

Code.

270

Modes of winding up

Fully substituted as

follows;

"270. The provisions of

Part I shall apply to the

winding up of a company

by the Tribunal under this

Act."

Provisions of the

Section 270 envisage

as under;

Winding up:

1. By Tribunal

2. Voluntary

The new provisions of

Section 270 enable


only by the Tribunal by

bringing out the scope of

Voluntary Winding up

outside the purview of

Companies Act 2013.

271

PART I.—Winding up by

the Tribunal

Circumstances in which

company may be wound

up by Tribunal –

(a) if the company is

unable to pay its debts;

(b) the company by special

resolution

(c) if the company has

acted against the interests

of the sovereignty and

integrity of India etc….

(d) winding up of the

company under Chapter

XIX;

Circumstances

specified under Clause

(b) (c) (e) (f) and

Clause (g) in which

company may be

wound up by Tribunal

under Section 271 of

CA 2013 are retained.

Circumstances specified

under Clause (a) and

Clause (d) in which

company may be wound

up by Tribunal Under

Section 271 of CA 2013

was removed by virtue of

amendments brought out

by IBC 2016


271

(e) application by the

Registrar or the Tribunal

(f) default in filing its

financial statements or

annual returns for

preceding five years; or

(g) just and equitable that

the company

272

Section 272 - Petition for

winding up by–

(a) the company;

(b) any creditor or

creditors,

(c) any contributory or

contributories;

(d) all or any of the above

together;

(e) the Registrar;

(f) any person authorised

by the Central Government

(g) in a case falling under

clause (c) of sub-section

(1) of section 271, by the

Central or State.

Persons specified

under Clause (a) (c) (e)

(f) and Clause (g) of

Section 272 of CA 2013

who were earlier

entitled to present

petition for the company

to be wound up by

Tribunal under Section

271 of CA 2013 are

permitted to enjoy the

same privilege.

Persons specified under

Clause b of Section 272 of

CA 2013 who was earlier

entitled to present petition

for the company to be

wound up by Tribunal

under Section 271 of CA

2013 is now permitted to

enjoy the such privilege

ONLY under IBC 2016.

275(2)

Appointment of

Liquidator Section

275(2)

Sub section (2) is

substituted which enable

appointment of Liquidator

by the Tribunal only from

amongst the Insolvency

Professional Agency under

the IBC, 2016.

Section 275(2)

envisages

Appointments of

Liquidator and permit

such appointment only

frompanel maintained

by the Central

Government consisting

of the names of

chartered accountants,

advocates, company

secretaries, cost

accountants.

Section 275(2) is

substituted enabling

appointment of Liquidator

by the Tribunal only from

amongst the Insolvency

Professional Agency to be

constituted under the IBC,

2016.

275(4)

Removal of liquidator by

Central government -

Section 275(4)

Removal of name of any

person by Central

Government from the panel

of liquidators on the

grounds of misconduct,

fraud, misfeasance, breach

of duties or professional

incompetence.

Lifted the right of

removal of liquidator by

Central government

who earlier has

authority to remove the

name of any person

from the panel of

liquidators on grounds

of misconduct etc

The Code contemplates

Establishment of an

Insolvency and Bankruptcy

Board of India to exercise

regulatory oversight over

insolvency professionals,

insolvency professional

agencies who in turn will

develop professional

standards, code of ethics

for insolvency

professionals,


280

Jurisdiction of Tribunal

(Section 280)

(a) any suit or proceeding

by or against the company;

(b) any claim made by or

against the company,

(c) any application made

under section 233;

(d) any scheme submitted

under section 262;

(e) any question of

priorities or any other

question

(Fully substituted with

same provisions and

removed clause (d) alone

in Sec 280)

Section 280 originally

envisaged Tribunal

also to have

Jurisdiction on the

matters relating to

scheme to be

submitted u/s 262 (now

removed clause (d)

outside purview of

Tribunal under CA

2013

IBC 2016 has introduced

changes such a way any

scheme submitted under

section 262 falls outside

purview of Tribunal under

CA 2013 u/s 262– as the

entire chapter XIX

relating to revival &

rehabilitation of sick

companies is omitted.

289

Power of tribunal on

application for stay of

winding up (Section 289)

Fully Omitted

It was contemplated that

the Tribunal can entertain

in case any application is

filed by promoter or

shareholder for

rehabilitation of company

after winding order is

passed.

Power of

Tribunal on application

for stay of winding up is

now removed as

provisions of Section

289 of the CA 2013 is

fully omitted.


changes such a way

Power of

Tribunal on application

for stay of winding up falls

outside purview of Tribunal

under CA 2013 as matter

relating to rehabilitation is

covered under IBC 2016.

304-323

Chapter XX, Part II

containing section 304 to

323 dealing with

voluntary winding up is

fully omitted.

It was contemplated that

the Tribunal can entertain

in case any matters of

voluntary winding up as

per provisions of Section

304-323 of the CA

2013.But after advent of

Insolvency code 2016, the

matters pertaining

voluntary winding up

appears to be dealt with

under the provisions of IBC

2016 and there hence

omitted under CA 2013..

Power of Tribunal to

entertain matters of

voluntary winding up as

per provisions of

Section 304-323 of the

CA 2013 is now

removed as fully

omitted.


changes to ensure

voluntary winding up falls

outside purview of Tribunal

under CA 2013 as matter

relating to liquidation is


325

Section 325 - Application

of Insolvency Rules in

winding up of insolvent

companies (fully

Application of

Insolvency Rules in

winding up of insolvent

companies as per


changes to ensure

Application of Insolvency

Rules in winding up of


It was contemplated to follow

Application of Insolvency Rules

in winding up of insolvent

companies as per provisions of

Section 325 of the CA 2013. But

after advent of Insolvency code

2016, the matters pertaining

voluntary winding up appears to

be dealt with under the

provisions of IBC 2016 and there

hence omitted under CA 2013.

provisions of Section 325 of

the CA 2013 is now

removed as fully omitted.

insolvent companies as per

provisions of Section 325 of the

CA 2013 to fall outside purview

as matter relating to liquidation

is covered under IBC 2016.

Section 326 - Overriding

preferential payments

(fully substituted)

A new set of Provisions for

Section 326 of the CA 2013

stands substituted with those

provisions restricting

applicability of section 326 only

to the winding up of the

Company within the purview of

the Companies Act 2013 as after

advent of Insolvency code 2016,

the matters pertaining voluntary

winding up appears to be dealt

with under the provisions of IBC

2016 and there hence omitted

under CA 2013.

Provisions of Section 326

before amendment:

Notwithstanding anything

contained in this Act or any

other law for the time being

in force, in the winding up

of a company,—

(a) workmen’s dues; and

(b) debts due to secured

creditors to the extent such

debts rank under clause (iii)

of the proviso to sub-section

(1) of section 325 pari passu

with such dues, shall be

paid in priority to all other

debts

Provisions of Section 326

after amendment:

"326. (1) In the winding up of a

company under this Act, the

following debts shall be paid in

priority to all other debts:

(a) workmen's dues; and;

(b) where a secured creditor has

realised a secured asset, so

much of the debts due to such

secured creditor as could not be

realised by him or the amount of

the workmen's portion in his

security, whichever is less, pari

passu with the workmen's dues:

Preferential Payments

New clause 7 inserted

New Sub section 7 is

introduced in Section 327 of

the CA 2013 which mandating

the applicability of section 326

which deals with overriding

preferential payments and sec

327 which deals with

Preferential Payments only to

the winding up of the Company

within the meaning and purview

of the Companies Act 2013 as

after introduction of Insolvency

Code 2016, the matters

pertaining to those preferential

payments appears not to be

applicable in the event of

liquidation under the IBC, 2016

Under the Companies Act

2013

In section 327,

(a) after sub-section (6) , the

following sub-section shall

be inserted, namely ;

" (7) Sections 326 and 327

shall not be applicable in the

event of liquidation under

the Insolvency and

Bankruptcy Code, 2016.";

New clause inserting provisions

that section 326 & 327 shall not

be applicable in the event of

liquidation under the IBC, 2016

as sub section 7 in Section 327

of the CA 2013 to exclude the

applicability of provisions of

section 326 and sec 327 of CA

2013 in the case of Liquidation

under and within the ambit of

IBC 2016.


327

Preferential Payments

Explanation for “relevant

date” is substituted to

provide for voluntary

winding up under IBC, 2016

(b) in the Explanation, for

clause (c) , the following

clause shall be substituted,

namely :-

" (c) the expression

"relevant date" means in

the case of a company

being wound up by the

Tribunal, the date of

appointment or first

appointment of a

provisional liquidator, or if

no such appointment was

made, the date of the

winding up order, unless, in

either case, the company

had commenced to be

wound up voluntarily before

that date under the


Code,2016;".

Section 327 of the

Companies Act 2013

has amended by

inserting a new

provisions in

replacement to the

existing explanation

after sub section 7 as

clause c to the

explanation and

therefore the

explanation of relevant

date stands modified

with the new provisions

Meaning of relevant date

has got changes to bring

reference of voluntary

winding up under IBC 2016

to replace the reference of

voluntary winding up under

Companies Act 2013.

Accordingly the clause c to

the explanation after sub

section 7 of section 327 of

the companies act stands

altered.

329

Transfers not in good

faith to be void

New section 329 is

substituted to replace the

present provisions of

Section 329 as follows;

(Fully substituted)

329. Any transfer of

property, movable or

immovable, or any delivery

of goods, made by a

company, not being a

transfer or delivery made in

the ordinary course of its

business or in favour of a

purchaser or

encumbrancer in good faith

and for valuable

consideration, if made

within a period of one year

before the presentation of a

petition for winding up by

the Tribunal under this Act

shall be void against the

Company Liquidator.".

Entire provisions of

section 329 is

substituted to replace

the existing provisions

of Section 329 to

exclude voluntary

winding up within the

purview of and for the

purpose of section 329


2013;

To replace the reference of


section 329 under

Companies Act 2013.

Accordingly the clause c to

the explanation after sub

section 7 of section 327 of

the companies act stands

altered.


334

Transfers etc., after

commencement of

winding up to be void

Fully substituted to

remove

reference to voluntary

winding up under CA, 2013.

Following provisions stands

substituted by virtue of the

new amendments;

"334. In the case of a

winding up by the Tribunal,

any disposition of the

property including

actionable claims, of the

company and any transfer

of shares in the company or

alteration in the status of its

members, made after the

commencement of the

winding up shall, unless the

Tribunal otherwise orders,

be void.".

Following provisions

stands removed by

virtue of the new

amendments;

334. (1) In the case of a

voluntary winding up,

any transfer of shares in

the company, not being

a transfer made to or

with the sanction of the

Company Liquidator,

and any alteration in the

status of the members

of the company, made

after the

commencement of the

winding up, shall be

void


changes to ensure


outside purview of section

334 under CA 2013 as

matter relating to voluntary

winding up is covered

under IBC 2016.

Accordingly provisions of

section 334 substituted to

ensure only the case

relating to a winding up by

the Tribunal is covered

within the provisions of the

section 334 of CA 2013.

336(1)

Section 336 - Offences by

officers of companies in

liquidation

Sub section 1 of Section

336 stands altered, to

enable and ensure

current provisions of Sub

section 1 of Section 336

are not overlapped with

the provisions of the IBC

2016, in the following

manner;

Clause (1) is substituted

to remove reference to


CA, 2013

The provisions of

section 336 substituted

/altered to ensure only

the cases relating to a

winding up by the

Tribunal are covered

within the provisions of

the section 336 of CA

2013.


changes to ensure






under IBC 2016.

337

Section 337 - Penalty for

frauds by officers

Section 337 stands

altered, to enable and

ensure current

provisions of Section 337




manner;

substituted to remove


winding up under CA, 2013

The provisions of




winding up by the




2013.


changes to ensure





winding up /liquidation is



342(2), (3),

(4)

Section 342 - Prosecution

of delinquent officers and

members of company;-

Section 342 stands


ensure current

provisions of Section 342




manner;

Sub section (2), (3) & (4) is

fully omitted to remove



The provisions of




winding up by the




2013.


changes to ensure






under IBC 2016.

343(1)

Section 343(1) - Company

Liquidator to exercise

certain powers subject to

sanction;

Section 343(1) stands


ensure current


343(1) are not overlapped

with the provisions of the

IBC 2016, in the following

manner;

fully substituted to

remove reference to


CA, 2013

The provisions of

section 343(1)

substituted /altered to

ensure only the cases

relating to a winding up

by the Tribunal are

covered within the

provisions of the

section 343(1) of CA

2013.


changes to ensure



343(1) under CA 2013 as



under IBC 2016.

347(1)

Section 347(1)- Disposal

of books and papers of

company



ensure current


343(1) are not overlapped

with the provisions of the

IBC 2016, in the following

manner;

Sub section (1) is



winding up under CA, 2013.

The provisions of

section 347(1)




by the Tribunal are

covered within the

provisions of the


2013.


changes to ensure



347(1) under CA 2013 as



under IBC 2016.


348(1)

Section 348(1) -

Information as to

pending litigation



ensure current


348(1) are not

overlapped with the

provisions of the IBC


manner; Sub section (1) is




The provisions of

section 348(1)




by the Tribunal are

covered within the

provisions of the


2013.


changes to ensure



348(1) under CA 2013 as



under IBC 2016.

357

Section 357 -

Commencement of

Winding up of Tribunal

Fully substituted with the

following provisions:

"357. The winding up of a

company by the Tribunal

under this Act shall be

deemed to commence at

the time of the

presentation of the petition

for the winding up.".

With the above change


winding up got removed

and date of

commencement provided

as the date of submission

of petition in casae of

winding up by Tribunal.

The provisions of




winding up by the




2013.


changes to ensure






under IBC 2016.

370

Section 370 -

Continuation of pending

legal proceedings -

Amended to give

reference to the IBC, 2016

as follows:

In section 370, in the

proviso, after the words

"obtained for the winding

up the company", the

words "in accordance

with the provisions of

this Act or of the

Insolvency and

Bankruptcy Code, 2016"

shall be inserted.

Few provisions in

section 370 stand

inserted /altered to

ensure the cases


covered within the

provisions of the

section 370 of CA 2013

and also of the

Insolvency and

Bankruptcy Code, 2016

covered.


changes to ensure winding

up within purview of section

370 under CA 2013 and as

well as winding up in

accordance with the

provisions of IBC 2016 is

also covered under section

370


372

Section 372 - Power of

court to stay or restrain

proceedings- Amended

to give reference to the

IBC, 2016;

In section 372, after the

words "The provisions of

this Act", the words "or of

the Insolvency and

Bankruptcy Code,2016,

as the case may be," shall

be inserted.

Few provisions in

section 372 stand

inserted /altered to

ensure the cases


covered within the

provisions of the

section 372 of CA 2013

and also Insolvency

and Bankruptcy Code,

2016 covered.


changes to ensure winding

up within purview of CA

2013 and as well as

winding up in accordance

with the provisions of IBC

2016 is also covered under

section 372

419

Section 419- Benches of

Tribunal

Fully substituted with the

following provisions:

In section 419, for sub-

section (4), the following

sub-section shall be

substituted, namely:—

"(4) The Central

Government shall, by

notification, establish such

number of benches of the

Tribunal, as it may consider

necessary, to exercise the

jurisdiction, powers and

authority of the

Adjudicating Authority

conferred on such Tribunal

by or under Part II of the


Code, 2016.

Provisions in sub-

section (4), of section

419 stand inserted /

altered to ensure

establishment such

number of benches of

the Tribunal to exercise

the jurisdiction, under

IBC Code, 2016

covered.

Amended to remove

reference to rehabilitation

of companies and provide

for establishment of

benches of Tribunal TO

exercise the jurisdiction,

under IBC Code, 2016

424(1)

Section 424 - Procedure

before Tribunal &

Appellate Tribunal -

Amended to give

reference to the IBC, 2016

as follows:

In section 424,—

(i) in sub-section (1), after

the words, "other provisions

of this Act", the words “or of

the Insolvency and

Bankruptcy Code, 2016"

shall be inserted;

(ii) in sub-section (2), after

the words, "under this Act",

the words "or under the


Code, 2016" shall be

inserted.

Provisions in sub-

section (1) and sub-

section (2), of section

424 stand inserted /

altered to ensure

Tribunal is empowered

also to regulate their

procedure to exercise

the jurisdiction, of and

under IBC Code, 2016.

Amendment Provisions of

the IBC 2016 attempt to

introduce changes to

ensure Tribunal is

empowered to regulate

their own procedure to

exercise the jurisdiction, of

and under IBC Code, 2016

in relation to matters filed

before it.


429(1)

Section 429(1) - Power

to seek assistance of

chief metropolitan

magistrate etc. -

Amended to remove

reference to sick

companies and provide

reference to the IBC,

2016" as follows

In section 429, for sub-

section (1), the following

sub-section shall be

substituted, namely:—

(1) The Tribunal may, in

any proceedings for


under this Act or in any

proceedings under the


Code, 2016, in

order to take into custody or

under its control all

property, books of account

or other documents,

request, in writing, the

Chief Metropolitan

Magistrate, Chief Judicial

Magistrate or the District

Collector……

Power to seek

assistance of

chief Metropolitan

Magistrate etc under

section 429(1).

Amended to remove

reference to sick


reference to the IBC,

2016

Amended to remove

reference to sick


reference to the provisions

of IBC, 2016 in connection

with seeking assistance of

Chief Metropolitan

Magistrate and more

particularly amended to

give reference to the IBC,

2016;

434

Section 434 - Transfer of

certain pending

proceedings Amended to

give reference to the

provisions relating to and

matters to be dealt with

under IBC, 2016 as

follows;

Fully substituted

A newly inserted proviso

to Sub section 1 of

Section 434 is as under:

“Provided that only such

proceedings relating to the

winding up of companies

shall be transferred to the

Tribunal that are at a stage

as may be prescribed by

the Central Government.”

Provisos to clause d of

sub section 1 of Section

434 have been

removed and a proviso

to Clause c of Sub


has been inserted and

to give effect this

change, IBC 2016

attempts to substitute

the entire provisions of

section 434 of the

Companies Act 2013 .

The reference made

relating to BIFR and

corresponding provisions

removed; new proviso

inserted which provides

that only such

proceedings relating to

the winding up of

companies shall be

transferred to the tribunal

that are at a stage as may

be prescribed by the

Central Government.


468(2)

Section 486 (2) Powers of

Central Government to

make rules relating to

winding up

Amended to remove


winding up and provide

reference to IBC, 2016

Removed provisions

stated in clause ii of Sub

Section 2 of Section 468


2013 is as under:

(ii) for the voluntary

winding up of companies,

whether by members or by

creditors;

Provisos to clause d of

sub section 1 of Section

434 have been

removed and a proviso

to Clause c of Sub


has been inserted and

to give effect this

change, IBC 2016

attempts to substitute

the entire provisions of

section 434 of the

Companies Act 2013.

The reference made

relating to

(ii) for the voluntary

winding up of companies,

whether by members or by

creditors;

has been removed in sub

section 2 of Section 468 of

the

Companies act 2013.

Schedule

V, in Part

II, in

section III

In Schedule V, in Part II, in

section III, for clause (b),

the following clause shall

be substituted namely:

"(b) where the company-

(i) is a newly incorporated

company, for a period of

seven years from the date

of its incorporation, or

(ii) is a sick company, for

whom a scheme of revival

or rehabilitation has been

ordered by the Board for

Industrial & Financial

Reconstruction for a period

of five years from the date

of sanction of scheme of

revival, or

(iii) is a company in which a

resolution plan has been

approved by the National

Company Law Tribunal

under the Insolvency and

Bankruptcy Code, 2016 for

a period of five years from

the date of such approval,

it may pay remuneration up

to two times the amount

permissible under section

II.".

The following

provisions introduced

vide amendment

through IBC 2016 which

enables to pay

remuneration up to two

times the amount

permissible under

section II in Part II

Schedule V ".

iii) is a company in

which a resolution plan

has been approved by

the National Company

Law Tribunal under the

Insolvency and

Bankruptcy Code, 2016

for a period of five years

from the date of such

approval,

Special privilege is to pay

remuneration up to two

times the amount

permissible under section II

in Part II Schedule V is

given in case of resolution

plan has been approved by

the National Company Law

Tribunal under the


Code, 2016

The important objective of The Insolvency and Bankruptcy Code 2016 is to provide a specialised and

quick resolution mechanism for debt recovery. The Code attempts to provide one stop solution by

amending various laws relating to insolvency and reorganisation of corporate persons, partnership firms

and individuals in a time bound manner and for providing rehabilitation opportunity to persons who are

unable to repay their debts and for maximization of value of the assets of such persons and matters

connected therewith or incidental thereto. Further the primary objective of the National Company Law

Tribunal is to provide a specialised and quick dispute resolution mechanism for Indian Companies.

Wrap up


Company SecretaryCS Sanka Indrani

Company SecretaryCS Achuthan R

Regulatory Updates during August 2016 From

Ministry of Corporate Affairs, Reserve Bank of India, Securities Exchange Board of India and Ministry of

Labour and Employment

22ICSI-SIRC eNewsletter/ August 2016

Ministry of Corporate Affairs

Rules

1. Companies (Share Capital and Debentures) Fourth

Amendment Rules, 2016 Dt. Aug 12, 2016

The Central Government has amended the Companies (Share Capital and Debenture)

Rules 2014.

Applicability:

To all companies

Crux of the Rules:

Prior to this amendment companies had to comply with the conditions given in rule 18 of the Companies

(Share Capital and Debenture) Rules 2014while issuing secured debentures of any kind.

However, currently this amendment provides exemption for those rupee denominated bonds issued

exclusively to overseas investors (ECB).

In this regard the following sub-rule shall be inserted after sub-rule 10 of rule 18.

Sub-Rule (11): Nothing contained in this rule shall apply to rupee denominated bonds issued exclusively to

overseas investors in terms of A.P. (DIR Series) Circular No. 17 dated September 29, 2015 of the Reserve

Bank of India on External Commercial Borrowings (ECB) Policy - Issuance of Rupee denominated bonds

overseas.

[https://www.rbi.org.in/scripts/FS_Notification.aspx?Id=10049&fn=5&Mode=0]

Source:

http://www.mca.gov.in/Ministry/pdf/CompaniesFourthAmendmentRules_17082016.pdf

MCA Circular

2. Issuance of rupee bonds to overseas investors by Indian Companies – Clarification regarding

applicability of provisions of Chapter III of the Companies Act 2013

MCA Circular

Circular No. 09/2016 dated August 3, 2016

The ministry provides clarity on the applicability of provisions of Chapter III of the Companies Act 2013 (Act)

and rule 18 of Companies (Share Capital and Debenture) Rules, 2014 on the issuance of rupee bonds by


Applicability:

To all the companies

Crux of the Circular:

The Ministry provides the following clarification to its stakeholders who sought clarification on the applicability

of provisions of Chapter III of the Companies Act 2013 (Act) and rule 18 of Companies (Share Capital and

Debenture) Rules, 2014 on the issuance of rupee bonds by Indian Companies exclusively to persons

resident outside India.

Clarification:

Unless otherwise provided in the circular/ directions/ regulations issued by RBI, the provisions of Chapter III

of the Companies Act 2013 (Act) and rule 18 of Companies (Share Capital and Debenture) Rules, 2014 shall

not apply to rupee denominated bonds issued exclusively to overseas investors in accordance with

applicable sectoral regulation provisions (ECB policy framework issued by RBI).

Source:

http://www.mca.gov.in/Ministry/pdf/GeneralCircular09_03082016.pdf

3. Others MCA information

- The forms AOC-4, AOC-4 CFS, DIR-12, FC-2 and MGT-15 have been updated during the month

- The amended form AOC - 4 (XBRL) would be made available in the month of September 2016. The

amended form mandates the inclusion of CSR/ CARO related details. Further, the updated C&I Taxonomy

is likely to be made available on MCA portal in September 2016 and it shall be used for filing annual

financial statements in respect of financial years commencing on or after 01.04.2014.

- In the event of non resolving of the service complaints related to Name Reservation or Company

Incorporation, within 2 working days from the date of raising a receipt, then:

. the stake holder can escalate the matter by sending a mail to [email protected] containing the

details of the Helpdesk ticket SR number & date on which ticket was raised in the subject line along with the

specific problem details.

- The stakeholders can contact the Corporate Seva Kendra (0124-4832500) for any queries. They can

select Option '1' for queries related to Name Reservation and Company Incorporation, and Option '2' for all

other queries.

Source:

http://mca.gov.in/MinistryV2/homepage.html

Reserve Bank of India and Foreign Exchange Management Act

Notifications

4. Master Directions RBI Notification: RBI has consolidated all the earlier directions issued by it andhasprepared respective Master Directions. Applicability: All the Companies Crux of the Notifications: RBI has consolidated all the earlier directions issued by it and has notified the following Master Directions during the month of August, 2016.

Sr No

Name of the Master Notification/ Direction

Applicability Date of Master Direction

1 Master Direction - Non-Banking Financial Companies Acceptance ofPublic Deposits (Reserve Bank) Directions, 2016. Ref. No: RBI/DNBR/2016-17/38 Master Direction DNBR.PD.002/03.10.119/2016-17 https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10563

NBFC, loan company, investment company and asset finance company not accepting/holding any public deposit, investment company

Aug 25, 2016

2 Master Direction - Core Investment Companies (Reserve Bank) Directions, 2016 Ref. No: RBI/DNBR/2016-17/39 Master Direction DNBR. PD. 003/03.10.119/2016-17 https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10564

Core InvestmentCompany

Aug 25, 2016

3 Master Direction - Exemptions from the provisions of RBI Act, 1934 Ref. No: RBI/DNBR/2016-17/40 Master Direction DNBR.PD. 001/03.10.119/2016-17 https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10565

NBFCs Aug 25, 2016

4 Master Direction - Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 2016 Ref. No: RBI/DNBR/2016-17/41 Master Direction DNBR. PD. 005/03.10.119/2016-17 https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10566

financial institution Aug 25, 2016

24

ICSI-SIRC eNewsletter / August 2016

5 Master Direction - Residuary Non-Banking Companies (Reserve Bank) Directions, 2016 Ref. No: RBI/DNBR/2016-17/43 Master Direction DNBR.PD.006/13.10.119/2016-17 https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10568

NBFC – Acceptance of Deposit

Aug 25, 2016

Source: https://rbi.org.in/Scripts/BS_ViewMasterDirections.aspx?did=333

Securities Exchange Board of India

5. Foreign Investment in Rupee denominated bonds issued overseas by Indian Corporates

SEBI Circular: Circular No:SEBI/HO/IMD/FPIC/CIR/P/2016/67 dated August 4, 2016 Applicability: To all foreign portfolio investors Crux of the Circular This circular modifies Para 5 of the SEBI circular CIR/IMD/FIIC/6/2013 dated April 01, 2013 on Rationalisation of Debt Limits. As per the earlier circular the FIIs can invest in Corporate Debt without purchasing debt limits till the overall investment reaches 90% after which the auction mechanism would be initiated for allocation of the remaining limits,as currently in place for Corporate Debt Long Term Infrastructure bonds. However, as per this circular it has been decided that the entire Combined Corporate debt limit of INR 244,323 cr shall be available on tap for investment by foreign investors. While all the other terms and conditions of the respective FPI investments in Corporate Debts continue to apply. Source: http://www.sebi.gov.in/cms/sebi_data/attachdocs/1470299109414.pdf

6. Revised Formats for Financial Results and Implementation of Ind AS by listed entities which have listed their debt securities and/or non - cumulative redeemable preference

shares

SEBI Circular:

Circular No: CIR/IMD/DF1/69/2016 dated August 10, 2016

Applicability:

To all listed entities 25ICSI-SIRC eNewsletter / August 2016

Crux of the Circular Listed companies having their debt securities and/or non-cumulative redeemable preference shares listed have to comply with the following in continuation to publishing the financial results:

- Until the period ending Dec 31, 2016 the companies shall publish their half yearly and annual financial results in the existing format only. (ie. As per SEBI circular dated Nov 27, 2015).

- The half yearly and annual financial results for the period ended Dec 31, 2016 shall be published in the format as specified in this circular. However banking companies and insurance companies shall follow the formats

prescribed under their respective acts/ regulations. Applicability of Ind AS:

- Listed companies shall adopt Companies AS rules 2006 until Ind AS is applicable.

- While publishing the results in Ind AS care has to be taken to ensure that the comparative financial results are also in compliance with Ind AS.

- For the purpose of smooth functioning, the SEBI has provided certain relaxations:

o the timeline for submitting the results has been extended by one month. Ie. within 75 days from the end of the half year, the half yearly financial results are to be filed.

o the limited review or audit is not mandatory for the half yearly results of the corresponding half year in the preceding year

o it is not mandatory to submit the comparative financial results for the whole preceding year. Further, even if listed entity opts to submit such results even then limited review or audit of such comparative full year results is not mandatory.

o In the event of the comparative financial not being subject to limited review or audit , the listed entities shall disclose the following:

§ comparative results have not been subjected to limited review or audit § management has exercised necessary due diligence to ensure that the

said comparative results provide a true and fair view of its affairs

- SEBI has provided clarification with regard to implementation of Ind AS and other issues.

Source: http://www.sebi.gov.in/cms/sebi_data/attachdocs/1470830193897.pdf

26ICSI-SIRC eNewsletter / August 2016

ICSI-SIRC eNewsletter 5

SIRC Activity Report

August 2016

27

th1. 10 Southern India Regional Conference of PCS on the Theme “PCS - Waves of Change:

th Ocean of Opportunities” on 5th & 6 August 2016 at Madurai.

2. Independence Day Celebrations 2016

3. Study Circle Meeting on “Latest updates on Sales Tax” on 13, 14,. 16 & 20, 21, 22 July 2016 at ICSI-SIRC House, Chennai.

4. Two Day Seminar on National Company Law Tribunal (NCLT) and Goods and Services Tax (GST)" held on 26-27 August 2016 at ICSI-SIRC House, Chennai.


SIRC Programme Photographs


th10 Southern India Regional Conference of PCS on the Theme “PCS - Waves of Change: Ocean of Opportunities”

thon 5th & 6 August 2016 at Madurai.

28

Independence Day Celebrations 2016


Study Circle Meeting on “Latest updates on Sales Tax” on

Tuesday, the 9th August, 2016 at 6.00 pm at ICSI-SIRC House, Chennai

Two Day Seminar on National Company Law Tribunal (NCLT) and

Goods and Services Tax (GST)" held on 26-27 August 2016

at ICSI-SIRC House, Chennai


th10 Southern India Regional Conference of

Practising Company Secretaries

thDay 1- Friday, the 5 August 2016

TECHNICAL SESSION -I-Arbitration and

Mediation

CS Mohankumar A, Treasurer, ICSI-SIRC

introduced the speaker of the session. The first

technica l sess ion was taken by shr i .

Thiruvengadam B C, Advocate, Senior Partner

at Thiru& Thiru who spoke on Arbitration and

Mediation

proposed vote of thanks

TECHNICAL SESSION -II-Secretarial Audit

CS Kalyani, Practising company Secretary

introduced the speaker of the session. The Second

technical session was taken by CS Dr. B Ravi,

Practising Company Secretary who spoke on

Secretarial Audit CS Ramasubramania Raja A R,

Chairman, Coimbatore Chapter proposed vote of

thanks

TECHNICAL SESSION -III- FEMA- Changes on

FDI Regulations

The Third technical session was taken by CS R.

Sridhar, Practising Company Secretary who

spoke on FEMA- Changes on FDI Regulations

He also appreciated ICSI for Instituting gold medal

for the topper and registration fee waiver for top

three students graduating from the Department of thThe ICSI – SIRC organized the 10 Southern India corporate secretayship in University.

Regional Conference of Practising Company

Speaking at the function, Shyam Agrwal, vice Secretaries on 5-6 August, 2016 at Hotel Heritage

president of ICSI, urged for more research work to Madurai, Madurai.

be carried out by the Institute. He said that the roll of The Chief Guest was Prof. S Subbiah, Vice

GST will open up lot of opportunities for company Chancellor, Alagappa University, Madurai and CS

secretaries. Other senior office bearers also spoke Shyam Agrawal, Vice President, The ICSI,

at the inauguration of the conference, which will delivered the special address.

come to an end on Saturday.

th10 Inaugurating Southern India Regional

Conference of Practising Company Secretaries

organized by the Institute of Company Secretaries

of India (ICSI), Mr. Subbiah said that Corporate

Governance was increasingly being taken over by

youngsters, who are brimming with ideas and

equipped with latest technologies.

In Such a dynamically Changing environment,

professionals like the corporate secretaries are

constantly expected to reassess and enhance their

knowledge and skills so as to guide the company

management and board rooms effectively, he said.

Starting that the future looked bright for company

secretaries, Mr. Subbiah said that the Companies

Act 2013 had widely enhanced their scope in

terms of employment and practice.

He said that company secretaries had come a long

way from being conscience keeper of the

companies to compliance officer and now

governance professionals.

“Having earned the trust of government, regulators

and corporates, time has now come for the

corporate secretaries to assume leadership roles

and guide the corporates in strategy and vision, “he

said.

CS Nagendra D Rao, Member, ICSI-

SIRC

31

th about latest updates on sales tax which is due to the Day 2- Saturday, the 6 August 2016

change in the e filing procedures and introduction of TECHNICAL SESSION -IV- Insolvency and

New portal for filing TNVAT returns and also the Bankruptcy Code

method of payment of TNVAT which has also CS Rajvel P, Chairman, Madurai Chapter undergone considerable change.introduced the speaker of the session. The fourth

technical session was taken by CS Om Prakash P, During the session the speaker informed and

Director at Conscienta Consultancy P. Ltd, explained the participants about e-filing of monthly,

covered the topic Insolvency and Bankruptcy Code quarterly and annual returns along with annexures.

The speaker talked about the old/present system CS Ramakrishnan proposed vote of thanks and new system and also through his PPT he

TECHNICAL SESSION -V- NCLT/NCLATexplained the participants how to access E-

CS Ramakrishnan K S introduced the speaker of Template and showed the step by step process to file

the session. The fifth technical session was taken by returns, to make payments and at last he gave bird's

Shri. R Vidya Shankar, Advocate, Partner at eye view as to the number of annexures to be filed

Ramani & Shankar covered the topic NCLT/NCLAT every month by a dealer.

CS Palani Kumar S proposed vote of thanks

The Session ended with vote of thanks and INDEPENDENCE DAY CELEBRATIONS

Presentation of Memento to the speaker by CS th th

On 15 August 2016 ICSI-SIRC Celebrated 70 Jayanth Viswanathan, Practising Company

Independence Day by hoisting our National Flag at Secretary, Chennai.

ICSI-SIRC House, Chennai.

Two Day Seminar on National Company Law CS Mohankumar A, Treasurer, ICSI-SIRC,

Tribunal (NCLT) & Goods and Services Tax welcomed our chief guest Shri S T Perumal, Wing

(GST)Commander-Airforce (Retd) who hoisted our

The ICSI – SIRC organized the Two Day Seminar national flag at the premises of ICSI-SIRC house at

on National Company Law Tribunal & Goods and 8.30 AM in presence of members and students.

Services Tax on August 26-27, 2016 at ICSI-SIRC The formal vote of thanks was proposed at the end.

House, Chennai STUDY CIRCLE MEETING ON LATEST UPDATES

Shri. K Anantha Padmanabha Swamy, Hon'ble ON SALES TAX

Member (Judicial), National Company Law Tribunal,

The ICSI-SIRC organized study circle meeting on Chennai and Shri Ch. Mohd. Sharief Tariq, Hon'ble th"Latest updates on sales tax” on Tuesday, the 09 Member (Judicial), National Company Law Tribunal,

August 2016 at ICSI-SIRC House, Chennai. Chennai were invited as the chief guests for the

inaugural function. CS Ganapathi G M, Vice Mrs. Sarah Arokiaswamy, Joint Secretary, ICSI- Chairman, ICSI-SIRC, welcomed the dignitaries and SIRO welcomed the gathering and CS Prakash R the delegates. CS Ramasubramaniam C, Central introduced the speaker CA Murali J, Chartered Council member, The ICSI addressed the gathering. Accountant, Chennai and also spoke about the CS Mohan Kumar, Treasurer, ICSI-SIRC introduced necessary as to why this study circle meeting is the Chief Guests and later proposed vote of thanks.

32

33

The First Technical Session was on Oppression & Earlier, CS Balaji S R, Practising Company

Mismanagement cases before NCLT Secretary, Chennai introduced and welcomed the

Speaker and later proposed vote of thanks.

CS Mahesh Anant Athavale (Past President, The

ICSI), Kanj & Associates, Pune was the speaker. CS The Fifth Session on “Drafting of Petitions &

Mohan Kumar A, Treasurer, ICSI-SIRC introduced & appearance before NCLT – Practical Aspects” was

welcomed the first Speaker of the Session and CS addressed by CS Sridharan A M, Advocate,

Baranikumar, Company Secretary, Chennai Chennai. CS Bhoomijha Murali, Practising

proposed formal Vote of thanks. Company Secretary, Chennai introduced and

welcomed the speaker.

The Speaker for the Second Technical Session was

CS Dr. K S Ravichandran, Managing Partner, KSR & CS Balaji S R, Practising Company Secretary,

Co, Company Secretaries, Coimbatore. He spoke Chennai proposed vote of thanks.

on Compounding of Offences before NCLT. Mrs. Sarah Arokiaswamy, Joint Secretary, ICSI-

SIRO welcome & introduced the speaker CS Rajesh CS Baranikumar, Company Secretary, Chennai

R, Advocate, Chennai on “Important Provisions in introduced the speaker and CS Jayanth

NCLT – ACT & Rules”.Viswanathan, Practising Company Secretary,

CS Mohana Sundaram D, Practising Company Chennai proposed vote of thanks

Secretary thanked Mr. Rajesh for his elaborate

presentation CA Rajendra Kumar, Chartered Accountant, Sajiv

Shah & Associates, Chennai spoke on “GST – Model CS Eshwar S, Practising Company Secretary,

Law” during the Third Technical Session. Chennai and Mr. Dhanaraj B, Advocate, Chennai

were the Counsels for the Petitioner and

CS Usha B, Practising Company Secretary, Respondent at the Mock Session and Moot Courts.

Chennai introduced and welcomed the speaker and Shri Venkatavaradhan, Advocate, Chennai was the

CS Ravindran, Skill Will Solutions P Ltd, Chennai Judge at the Moot session.

formal vote of thanks for the Third session.

CS Rajesh R moderated the session on Moot Court

CS Sayee Mohan L, Senior Director, Deloitte, & Proposed vote of thanks.

Chennai was the speaker for the fourth session on

“Compliance under GST: Procedural Aspects and

Practical Challenges”


S.No. Name of School/College Resource Person[s] Date

No. of Students

1 Sir Theyagaraya College, Chennai

Ms. Chitra Anantharaman, Dy.Director, ICSI-SIRO

1.8.2016 75

2 Bharathidasan Govt. College Puducherry


8.8.2016 30

M.Com 3 Achariya Arts and Science

College,Villianur, Puducherry Ms. Chitra Anantharaman, Dy.Director, ICSI-SIRO

8.8.2016 50

B.Com 4 Achariya Arts and Science

College Villianur, Puducherry


8.8.2016 50

B.Com [CS]

5

Sanatana Dharma College Alappuzha

Ms. Chitra Anantharaman, Dy.Director, ICSI-SIRO CS Solly Sunoj, Company Secretary, Duroflex Latex P Ltd.,Alappuzha Mr.Yohan, ICSI Counsellor, Kollam

16.8.2016 120

6

St.Michaels College, Cherthala, Alappuzha

Ms. Chitra Anantharaman, Dy.Director, ICSI-SIRO CS Solly Sunoj, Company Secretary, Duroflex Latex P Ltd.,Alappuzha Mr.Yohan, ICSI Counsellor, Kollam

16.8.2016 98

7 Bishop Moore Vidyapith, CMS Jn., Cherthala, Alappuzha

Ms. Chitra Anantharaman, Dy.Director, ICSI-SIRO Mr.Yohan, ICSI Counsellor, Kollam

16.8.2016 50

8 Naipunnya School of Management, Cherthala, Alappuzha

Ms. Chitra Anantharaman, Dy.Director, ICSI-SIRO Mr.Yohan, ICSI Counsellor, Kollam

16.8.2016 90

9 St. Joseph’s College for Women, Alappuzha


17.8.2016 125

10 S.D.V. English Medium Higher Secondary School, Alappuzha


17.8.2016 75

[Plus One]

11 S.D.V. English Medium Higher Secondary School, Alappuzha


17.8.2016 75

[Plus Two]

12 Chinmaya Vidyalaya, Alappuzha


17.8.2016 75

[Plus Two]

13 S D V College of Arts & Applied Science, Alappuzha


17.8.2016 150

14 Sree Narayana College, Kollam


18.8.2016 240

15

S.N. Trust Higher Secondary School, Kollam


18.8.2016 120

16 S.N. College for Women, Kollam


18.8.2016 180

Career Awareness Programme

34

17

Organized by Directorate of Higher Secondary Education-Career Guidance & Adolescent Counselling Cell Participated by N.S.S.H.S.S., Pralikulam Govt. H.S.S.,West Kollam St.Goretti H.S.S., Punalur Govt. H.S.S., Anjalummoodu,Kollam V.V.H.S.S., Poredom, Kollam G.H.S.S., Perinad, Kollam T.K.M.H.S.S., Karicode, Kollam


18.8.2016 359

Plus Two Best students

18

Amrita School of Arts & Science, Amrita Vishwa Vidyapeetam,Amrita University, Amritapuri,Kollam


19.8.2016 80

B.Com Students

19 Amrita Vidyalayam Amritapuri,Kollam


19.8.2016 120

Plus Two Students

20 BJM Government College Chavara, Kollam


19.8.2016 85

B.Com Students

21

Organized by Directorate of Higher Secondary Education-Career Guidance & Adolescent Counselling Cell Participated by Govt H.S.S., Karunagapally, Kollam


19.8.2016 540

Plus two Students

22 Co-operative Arts & Science College, Thampanoor, Thiruvananthapuram

Ms. Chitra Anantharaman, Dy.Director, ICSI-SIRO CS Jayashree C.O. Managing Committee Member, ICSI-TVM Chapter

20.8.2016 60

Plus two Students

23 Arya Central School, Pattom, Thiruvananthapuram

Ms. Chitra Anantharaman, Dy.Director, ICSI-SIRO CS Jayashree C.O. Managing Committee Member, ICSI-TVM Chapter

20.8.2016 90

Plus two Students

24

Chellammal Vidyalaya Senior

Secondary School,

Nanganallur, Hindu Colony,

Chennai,

CS Balasubramanian R Practising Company Secretary Chennai

27.8.2016

250 10th, Plus one and Plus two

Students

35

ICSI-SIRC eNewsletter 6

SIRC Chapters’ Activity ReportAugust 2016

36

Bangalore HyderabadCoimbatoreKochiMysoreMangalorePalakkadSalemVisakhapatnamAmaravatiCalicut


Bengaluru ChapterVana Mahotsava presentation of Memento to the Speakers.

The ICSI Bengaluru Chapter has organized Vana Student Parent Induction Programme Mahotsava – Tree Plantation in front of the Chapter

The ICSI-Bengaluru Chapter organized Student premises. The Programme was presided by CS Hari thParent Induction programme on 7 July 2016 at the Babu Thota, Chairman, The ICSI-Bengaluru

Chapter Premises. The Programme was presided by Chapter, CS Rekha Kamath, Secretary, The ICSI-

CS Vivek hegde, Member, Managing Committee, Bengaluru Chapter, CS G M Ganapathi, Vice

The ICSI-Bengaluru Chapter, who informed the Chairman, The ICSI-SIRC, CS Vivek Hegde, Member,

gathering about the Institute, Stages to become a Managing Committee, The ICSI-Bengaluru

Company Secretary, Online Services of ICSI, Chapter, CS Ramesh, Company Secretary, along

Training, Cut of dates of CS Examinations, Fee with Members and Students of Bengaluru Chapter.

Structure, Concessions, Scholarships, Oral Half Day Seminar on Preparation of

Coaching Classes, benefits of Coaching classes, etc Consolidated Financial Statements- Challenges,

before concluding the Induction Programme.Compliances under Companies Act, 2013,

The Programme was presided by more than 120 Accounting Standards & IND AS

StudentThe ICSI Bengaluru Chapter has organized a Half

Inauguration of Classroom Teaching Day Seminar on Preparation of Consolidated

Financial Statements- Challenges, Compliances The ICSI-Bengaluru Chapter has organized under Companies Act, 2013, Accounting Standards Inauguration of Classroom teaching – July 2016

ndth& IND AS on 2 July 2016 at the Chapter Premises. batch on 7 July 2016. The programme was

presided by CS Hari Babu Thota, Chairman, The The programme was presided by CS Hari Babu

ICSI-Bengaluru Chapter, CS Vivek hegde, Member, Thota, Chairman, The ICSI-Bengaluru Chapter, CS

Managing Committee, The ICSI-Bengaluru Chapter Rekha Kamath, Secretary, The ICSI-Bengaluru

and Chief Guest Mr. Anil Kumar S, Principal, SSMRV Chapter, CS G M Ganapathi, Vice Chairman, The

Degree College.ICSI-SIRC, CS Vivek Hegde, Member, Managing

Committee, The ICSI-Bengaluru Chapter. CS Hari Babu Thota, Chairman, welcomed all the

students and parents, and informed that Bengaluru The Programme was presided by Speakers CA

Chapter will provide all the facilities to the students, Umesh A N, Associate Director and CA R

and informed them to contact the Chapter office in Anantharaman, Manager, working with Big 4 Audit

case of any clarifications/suggestions.Firms.

Mr. Anil Kumar, Chief Guest, during his address

CS Hari Babu Thota, Chairman, welcomed the thanked Chairman for inviting him for the

gathering and introduced the speakers to the Inauguration, and gave valuable suggestions and

audience. The Speakers during their session tips to the students on how to increase their

informed the gathering on applicability, memory power. He also gave many other

exemptions, preparation, challenges, compliances, suggestions to the students on how to prepare for

key disclosure requirements etc before concluding examinations etc before concluding his address.

their session.The inauguration was presided by more than 120

students and parents.The Seminar ended with vote of thanks and

ICSI-SIRC eNewsletter / August 2016 37

38

Inauguration and Valedictory of 8 days The technical sessions during the programme were

Executive Development Programme taken by the following speakers:-

stThe ICSI-Bengaluru Chapter organized 8 days 1 technical session on Bankruptcy Code –

Executive Development programme for students in International Perspective was taken by Mr. Martin ththe Old Training Structure of ICSI from 8-16 July Kenny, Managing Director of Investigations,

2016 at the Chapter Premises. MARTIN KENNEY & CO., Solicitors through

Skype. The 2nd technical session on Laws The Inauguration of 8 days EDP was presided by

pertaining to Insolvency before the Code was taken Chief Guest CS Shilpa Sreeram, practicing Company

by Mr. Shreyas Jaisimha, Founder, Aarna Law. The Secretary, who during her address informed the

3rd technical session on Application of the New students on importance of training, and how it will

Code was taken by Ms. Aparna Ravi, Advocate, help the students in their professional career.

Samvad Partners, and the 4th technical session on

The Valedictory session of 8 days EDP was presided Infrastructure for Insolvency Resolution Process

by CS Hari Babu Thota, Chairman, The ICSI- under the Code, Ms. Swati Tata, Advocate, Aarna

Bengaluru Chapter, CS Madhu N Rao, Practicing Law.

Company Secretary. The Dignitaries congratulated

The Seminar ended with vote of thanks and the participants for completing 8 days EDP and

presentation of Mementos to the Speakers and distributed participation certificates to all the

Presentation of Memento to ICAI Bangalore participants.

Branch.Joint Seminar in association with ICAI

Study Circle Meeting on Banking Ombudsman Bangalore Branch on Insolvency and

Scheme Bankruptcy Code

The ICSI-Bengaluru Chapter organized a Joint The ICSI-Bengaluru Chapter organized Study

Seminar with ICAI-Bangalore Branch on Insolvency Circle Meeting on Banking Ombudsman Scheme th thand bankruptcy Code 2016 on 9 July 2016 at the on 14 July 2016 at the Chapter premises. The

Chapter Premises. Meeting was presided by CS Rekha Kamath,

Secretary, The ICSI-Bengaluru Chapter, Mr. The Programme was presided by CS Hari Babu

Deepak S, NSE Certified Market Professional, Thota, Chairman, The ICSI-Bengaluru Chapter, CS

SEBI Financial Education Resource Person & Rekha Kamath, Secretary, The ICSI-Bengaluru

Certified Associate of Indian Institute of Banking Chapter, CS Nagendra D Rao, Immediate Past

and Finance.Chairman, The ICSI-SIRC, CMA Sreepada H R, Vice

Chairman, The ICAI-Bangalore Branch, CMA CS Rekha Kamath, Secretary welcomed the

Ravindranath Kaushik, Secretary, The ICAI- gathering and introduced the speaker to the

Bangalore Branch. audience present. Mr. Deepak S during his session

informed The Banking Ombudsman Scheme CS Hari Babu Thota, Chairman, welcomed the

enables an expeditious and inexpensive forum to gathering which was followed with address by CS

bank customers for resolution of complaints Nagendra D Rao, Immediate past Chairman, The

relating to certain services rendered by banks. ICSI-SIRC.


39

The ICSI-Bengaluru Chapter hosted Peer The Banking Ombudsman Scheme is introduced rd

reviewers Training Programme of The ICSI on 23 under Section 35 A of the Banking Regulation Act,

July 2016 at the Chapter Premises.1949 by RBI with effect from 1995. He informed All

Scheduled Commercial Banks, Regional Rural The Programme was presided by CS Hari Babu Banks and Scheduled Primary Co-operative Banks Thota, Chairman, The ICSI-Bengaluru Chapter.are covered under the Scheme. The Speaker then

The Programme was presided by Speakers CS V informed the gathering on grounds of complaints,

Sreedharan, Past Council Member, The ICSI, CS procedure for filing the complaint before the

Dwarakanath C, Past Chairman, The ICSI-SIRC, Banking Ombudsman, etc before concluding his

CS J Sundharesan, Past Chairman, The ICSI-session.

Bengaluru Chapter and CS Gopalakrishna Hegde,

The Session ended with vote of thanks and Council Member, The ICSI.

presentation of Memento to the Speaker.

Student Study Circle Meeting rd

Full Day Training and Seminar on XBRL – 23

he ICSI-Bengaluru Chapter organized Students July 2016

Study Circle Meeting on Over View of NCLT and rdThe ICSI-Bengaluru Chapter organized Full Day NCLAT on 3 July 2016 at the Chapter Premises.

rdTraining and Seminar on XBRL on 23 July 2016 at The programme was presided by CS Nishvitha V, the Chapter Premises. The programme was Company Secretary, Prestige group, Bengaluru.presided by CS Hari Babu Thota, Chairman, The

The Speaker started the session by explaining the ICSI-Bengaluru Chapter, CS Rekha Kamath, gathering that The National Company Law Tribunal Secretary, The ICSI-Bengaluru Chapter, and (NCLT) and the National Company Law Appellate Speaker Mr. Ankit Varshney, Domain Expert, XBRL, Tribunal (NCLAT) have been constituted by Central Webtel Electrosoft Pvt ltd.Government with effect from 1 June, 2016. This

CS Rekha Kamath, Secretary, welcomed the would effectively dissolve the Company Law Board

gathering and introduced the speaker to the (CLB) as constituted under the Companies Act,

audience Present. Mr. Ankit Varshney, speaker 1956 from the same day. The NCLT will start

during his address informed XBRL is a type of XML functioning with eleven Benches – two at New Delhi

(extensible markup language), which is a and one each at Ahmedabad, Allahabad,

specification that is used for organizing and Bengaluru, Chandigarh, Chennai, Guwahati,

defining data. XBRL uses tags to identify each piece Hyderabad, Kolkata and Mumbai. The Principal

of financial data, which then allows it to be used Bench of the NCLT will be at New Delhi. Some

programmatically by an XBRL-compatible provisions of the Companies Act, 2013 (mainly

program. He then took hands on session on XBRL pertaining to powers of the CLB) relating to powers

software and filing in XBRL one to one with all the of Tribunal have also been notified by the

participants present. Government (which were not effective due to no

constitution of NCLT) except provisions pertaining The Seminar ended with vote of thank and

to compromise and arrangement, winding up etc.presentation of Memento to the Speaker.

The Session ended with vote of thanks and

Peer Reviewers Training Programme presentation of Memento to the speaker.


40

Student Study Circle Meeting Student Study Circle Meeting

The ICSI-Bengaluru Chapter organized Students The ICSI-Bengaluru Chapter organized Students thStudy Circle Meeting on 24 July 2016 on topic Study Circle Meeting on Filling of Advance

“Over View of IS and IND AS”Reporting, FC- GPR and statement of assets and

Liabilities on 10th July 2016 at the chapter The Programme was presided by speaker CA

premises.Venkatesh Palavalli, Chartered Accountant. The The Programme was presided by CS Anup V speaker during the session informed Accounting Kulkarni, Consultant, J Sagar Associates. The Standards, Principles of accounting, how to learn Speaker started his session by explaining that New Ind-As effectively, Various sets of Accounting foreign investment comes into India in various Standards, New Terminologies , Ind-AS, forms. Following the reforms path, the Reserve Components of Financial Statements, History of Bank has liberalized the provisions relating to such Accounting, Few Examples of New Accounting investments. The Reserve Bank has permitted Framework, etc before concluding the session.foreign investment in almost all sectors, with a few The Session ended with vote of thanks and

exceptions. Foreign companies are permitted to set presentation of Memento to the speaker.

up 100 per cent subsidiaries in India. He informed thChapter Level Round of 14 All India Moot Court that in many sectors, no prior approval from the

Competition Government or the Reserve Bank is required for

non-residents investing in India.The Government As a part of Student Month Celebration, The ICSI-

allows Indian companies to issue Global Depository Bengaluru Chapter has organized Chapter Level

Receipts (GDRs) and American Depository Receipts Round of 14th All India Moot Court Competition on

(ADRs) to foreign investors The GDRs/ADRs issued 2nd July 2016.

by Indian companies to non-residents have free CS & Adv Madhu N Rao and CS &Adv Vinay Devraj convertibility outside India. He then informed the

were the judges for the said competition.gathering on FC- GPR and Statement of assets and liabilities etc before concluding the session.Total 5 teams participated in the event and the

The Session ended with vote of Thanks and team comprising of Presentation of Memento to the speaker.

(Team 1- Ms. Nikita Nagori - 140081380/02/2014,

Student Study Circle Meeting Rajshree Lohia - 150700951/02/2013, Ramya C -

340141893/02/2015 were the winners) and The ICSI-Bengaluru Chapter organized Students

th (Team 2 - Ms.Sushmita R - 340057787/02/2014 and Study Circle Meeting on 17 July 2016 on topic “The Ms. Pallavi daryani - 440153210/02/2014 were the Art of Cracking Job Interview”.runners).

The Programme was presided by speaker CS Ravi

Vaswani, Company Secretary Puma Sports India Pvt Softskills Training Programme for Oral

Ltd. Coaching Students of The ICSI

The Speaker gave valuable tips on how to be The ICSI-Bengaluru Chapter organized Soft Skills

successful while facing Job Interviews to all the Programme for Foundation and Executive

participants present.Programme Students of Oral Coaching Classes July

The Session ended with vote of thanks and 2016 batch at the Chapter Premises.

Presentation of Memento to the Speaker


The ICSI-Bengaluru Chapter has conducted the Inauguration of Foundation Day Celebrations

below Career Awareness Programmes at various On 3 August 2016 Chapter has organised

colleges during the month of July 2016. Inauguration of Foundation Day Celebrations month

at Centre of Excellence. CS Mamta Binani, President,

The ICSI inaugurated the Foundation Day

Celebrations month brochure and addressed the

students.

Earlier CS Mahadev Tirunagari, Chairman of the

Chapter welcomed the President and requested to

inaugurate the poster. CS Ahalada Rao V, Council

Member, The ICSI graced the Foundation Day

Celebrations and addressed the students and

Interactive Session with CS Dinesh Chandra members. CS R. Venkata Ramana, Vice-Chairman of

Arora, Secretary, The ICSI the Chapter, CS Issac Raj P G, Immediate Past

Chariman and CS R. Ramakrishna Gupta, Secretary, On 31 July 2016 Chapter has organised Interactive

SIRC also graced the occasion. Session with CS Dinesh Chandra Arora, Secretary, The

ICSI at Chapter Premises CS Mahadev Tirunagari, Press Meet with President, ICSI

Chairman of the Chapter welcomed the students and On 3 August 2016 Chapter has organised Press

informed the students about the importance of the conference with CS Mamta Binani, President, the ICSI

visit of the President, the ICSI and advised the at Novotel. She expressed that the institute is

students to interact with the Secretary actively and get providing its total support to the Goods and Service

clarifications, if, any. Tax Bill and is bringing out a special magazine on it

CS P.S. Shastry, Member, SIRC graced the occasion next month and also conducting National Seminar on

and addressed the students. GST. She further mentioned that, ICSI WILL TAKE OUT

a National GST Awareness Walk early in the morning CS Dinesh Chandra Arora, Secretary, The ICSI in his

on 21 August 2016 at Hyderabad in a bid to effectively address spoke on Hard Work, how to tackle situation,

depict the Institutes stand on GST. struggle, Attitude, Character, Knowledge & wisdom,

strong passion, thinking and positive thinking, power CS Ahalada Rao V, Council Member, The ICSI and CS

thoughts, Commitment, desire, will power. He also Mahadev Tirunagari, Chairman of the Chapter also

stressed on how to prepare for Examination etc. participated in the press meet.

Dr. P.V. S. Jagan Mohan Rao and CS Datla Hanumanta Panel Discussion on Gender Diversity in Corporate

Board Room Raju, Former Presidents of the Institute graced the

occasion and addressed the students. On 3 August 2016 Chapter has organised Panel

Discussion on Gender Diversity in Corporate Board

CS Kavitha Rani S, Secretary of the Chapter proposed Room. CS Mahadev Tirunagari, Chairman Hyderabad

vote of thanks. Chapter has welcomed all the participants of the

meeting and introduced the topic of the meeting.

Hyderabad Chapter


CS Mamata Binani , President in her speech explained mode of making declarations and other related

the importance of the family support to achieve matters thereto. Thereafter Secretary ICSI Hyderabad

professional success and given example of herself Chapter, requested Sri P.V Rao to give a brief on

how she adjusted in a family of 44 members from a Income Declaration Scheme and share his experience.

family of 4 members and thanked her family, in laws Sri P.V Rao, Commissioner, Income Tax addressed the for their invaluable support.gathering. He had taken the technical session on IDS-

Mrs. Binani asked each of the participant to express 2016 as well as addressed some important questions

their views on the topic.Every participant present at of Members and role of Company Secretary in IDS-

the venue has expressed their views and given 2016.

suggestions. And all the lady participants who spoke

at the meeting has expressed their gratitude towards

their family for their support and encouragement and

pointed out the importance of taking initiative to do

their jobs and other participants expressed their views

how to support women to take the lead and how to

make them part of corporate world.

One of the participant has suggested the president to

make representation with government to make it

mandatory for every board to include women director

in every board.

CS Ahalada Rao V, Council Member, The ICSI graced

the occasion and addressed the participants. CS

Kavita Rani, Secretary of the Chapter proposed vote of

thanks.

Meeting on Income Declaration Scheme-2016

On 4 August 2016 Chapter has organised Meeting on

Income Declaration Scheme-2016. CS Mahadev

Tirunagari Chairman of the Chapter welcomed all

the members and Guests.

Sri. B. Murali Kumar, Principle Commissioner, Income

Tax shared his experience and addressed the

members on the Income Declaration Scheme wherein

he explained the road map with brief insights to IDS-

2016. Sri B Murali Kumar also motivated and shared

among members the speech of Sri Narender Modi Ji

in man ki baat regarding IDS-2016.

Sri Sushil Kumar, Commissioner, Income Tax Dept.

explained the importance of the scheme and also on

insights which includes salient features of the scheme,

Thereafter, Sri. B. Murali Kumar addressed all the

queries to the satisfaction of Members and students.

CS S.Kavitha Rani, Secretary of the Chapter

Proposed vote of thanks.

Cricket and other Sports

ndOn 7 August 2016 on the eve of 42 Foundation day

Celebrations Chapter has organised a Cricket and

other sports at PG College, Gagan Mahal for

members and students. This outdoor programme

attracted lot of the members and Students. Four

Teams from ICSI Students XI and One Team from

Members XI of the ICSI. The Members team won the

Match. The match was a great joy.

Indoor Games

ndOn 14 August 2016 on the eve of 42 Foundation day

Celebrations Chapter has organised Indoor Games.

The objective of the and Importance of conducting

the indoor games is to refresh the mind of the

student to develop more concentration towards their

studies

th70 Independence Day Celebrations

On 15 August 2016 Chapter has celebrated the

Independence Day in very unique manner. The

chapter has organised a bicycle ride under the title

“Pedal the Peace Cycle”. Members and Students

have participated with lot of enthusiasm and also

displayed the placards depicting the slogans about

benefits of GST. The rally of cycles carrying the flags

of Tricolour and our ICSI had created a magnificent

image among the public viewers.


43

Later CS Mahadev Tirunagari, Chairman of the Students Programme on SEBI Financial Education

Chapter hoisted the National Flag at the chapter Workshop. CS R. Venkata Ramana, Vice-Chairman

premises and It was followed by signing of National of the Chapter welcomed the gathering. CS Mahadev

Anthem by all the participants. CS Ahalada Rao V Tirunagari, Chairman of the Chapter in his opening

Council Member, The ICSI, CS R. Ramakrishna remarks he spoke on making the dreams into reality

Gupta, Secretary, SIRC, CS R. Venkata Ramana, which requires knowledge along with money and

Vice Chairman of the Chapter, CS Issac Raj, further emphasized to inculcate the habit of saving the

Immediate Former Chairman of the Chapter and CS money to the possible extent. CS Ahalada Rao V,

Datla Hanumanta Raju, Former President, The ICSI Council Member, The ICSI informed about the theme

along with few other members and students and its importance and advised the participants to thaddressed the participants on the occasion of the 70 interact with Chief Guest.

Independence Day. CS S. Kavitha Rani, Secretary of Shri N Muralikrishnan, Deputy General Manager,

the Chapter Proposed vote of thanks. SEBI, Chief Guest spoke on Financial Market,

ICSI - GST& CSR 5K WALK Savings and Investments. He told SEBI has taken the

Programme of Financial Education to protect the On 21 August 2016 Chapter has organised of ICSI-

investors. He also informed that SEBI is a regulator of GST & CSR 5 K Walk at Neclace Raod. The

Indian Capital Markets and Company Secretary is programme was a grand success where in more than

considered as a compliance officer. He also informed 1500 people have participated and the event was

SEBI considers compliance officer as an interface covered by Print & Electronic Media in a big way. The

between SEBI and other Intermediaries. He further Occasion was graced by Dr K Laxman, President,

informed that Prime mandate of SEBI is to protect Bharatiya Janata Party [BJP], Telengana State &

Investors, to develop Securities Markets, to regulate MLA, Shri Chitala Ramachandra Reddy, MLA and

Securities Markets, for the investor protection. He Shri Ramachandra Rao, MLC, Shri M. Srinivas,

also stated that SEBI is taking up various Commissioner ,Customs, Central Excise & Service

programmes in the gamut of Investor Education, Tax and and daivagna sharma numerologist were the

Financial Education etc. Special Guests along with Father of P V Sindhu,

Silver medal achiever in Rio Olympics. CS S. Kavitha Rani, Secretary of the Chapter

proposed vote of thanks for the inaugural session. Earlier CS Mahadev Tirunagari, Chairman of the

Chapter welcomed the big gathering and informed In the Technical session CS Ahalda Rao V, "Financial

about importance of the ICSI-GST & CSR 5K Walk. Resource Person (Certified by SEBI)” was the

CS Ahalada Rao V, Council Member, ICSI , CS R. speaker. He spoke on Financial literacy, financial

Ramakrishna Gupta, Secretary SIRC, CS R. education, Financial planning, Inflation, Investment,

Venkata Ramana, Vice Chairman & CS Issac Raj, Smart goals, risk & return, compounding, how not to

Immediate Former Chairman graced the occasion. lose money, retirement planning etc. All the students

CS S. Kavitha Rani, proposed vote of thanks. actively participated in the interactive session and

raised various concerns, which were clarified by the Exclusive Students Programme on SEBI

SpeakerFinancial Educational Workshop.

On 24 August 2016 Chapter has organised Exclusive


44

Career Awareness Week- 18-29, July 2016

As part of the “ICSI-Udaan” initiated by ICSI-HQ during July 2016, Coimbatore Chapter has organized

Career Awareness Week from 18-29, July, 2016 and conducted 25 Career Awareness Programmes in

the particular week in various Colleges and Schools in rural and semi urban areas in and around Coimbatore

and about 4900 students have participated in 25 Career Awareness Programmes. The Managing

Committee Members and Officials of the Coimbatore Chapter have actively participated in this mega event.

Coimbatore Chapter

CAREER AWARENESS WEEK DURING THE PERIOD FROM 18.07.2016 TO 29.07.2016

SL.No. Date College/School Name Speaker

1 18.07.2016 Nehru College of Arts & Science, Madukkarai, Coimbatore

CS A.R.Ramasubramania Raja, Chairman, ICSI-Coimbatore Chapter

2 18.07.2016

PSG Krishnammal College of Arts & Science, Coimbatore

CS P. Eswaramoorthy, Past Chairman, ICSI-Coimbatore Chapter

3 19.07.2016

Suburban Matriculation Higher Sec. School (Govt.) ,Ramnagar, Coimbatore

Mr. Sreejith.P, EO, ICSI-Coimbatore Chapter

4 19.07.2016

Sankara College of Arts & Science, Saravanampatti, Coimbatore

CS R.Maheswaran, Secretary, ICSI- Coimbatore Chapter

5 19.07.2016

Dr. SNS Rajalakshmi College of Arts & Science, Saravanampatti, Coimbatore


6 20.07.2016

CMS College of Arts & Science, Saravanampatti, Coimbatore


7 20.07.2016

KG College of Arts & Science, Saravanampatti, Coimbatore


8 20.07.2016 VLB Janaki Ammal College of Arts & Science, Kovaipudur, Coimbatore


9 21.07.2016

Suburban Matriclulation Higher Sec. School (AIDED) ,Ramnagar, Coimbatore



10 21.07.2016

Nirmala College of Arts & Science, Red Field, Coimbatore


11 21.07.2016

Bishop Ambrose College of Arts & Science, Race Course, Coimbatore


12 22.07.2016

Pioneer College of Arts & Science, Jothipuram, Coimbatore

CS R. Venkateswaran, Past Chairman, ICSI-Coimbatore Chapter

13 22.07.2016 Pioneer Higher Sec. School, Jothipuram, Coimbatore

CS R. Venkateswaran, Past Chairman, ICSI-Coimbatore Chapter

14 22.07.2016

Kikani Matriculation Higher Sec. School (State Syllabus) , R.S.Puram, Coimbatore


15 22.07.2016 Dr.NGP College of Arts & Science, Kalapatti, Coimbatore

CS P. Eswaramoorthy, Past-Chairman, ICSI-Coimbatore Chapter

16 22.07.2016

Corporation (Co-Ed) Higher Sec. School (Govt.), R.S.Puram, Coimbatore


17 23.07.2016

Nirmala College of Arts & Science, Red Field, Coimbatore


18 23.07.2016 Sree Saraswathi Thyagaraja College of Arts & Science, Pollachi, Coimbatore


19 25.07.2016 Hindustan College of Arts & Science, NavaIndia, Coimbatore


20 26.07.2016 Dr.NGP College of Arts & Science, Kalapatti, Coimbatore


21 27.07.2016 Govt. Arts College, Coimbatore

CS R Dhanasekeran, Past Chairman, ICSI-Coimbatore Chapter

22 28.07.2016

Corporation Higher Secondary School, Ramanathapuram, Coimbatore



23 29.07.2016 Kovai Kalaimagal College of Arts & Science, Narasipuram, Coimbatore


24 29.07.2016 PSG College of Arts & Science, Avinashi Road, Near Airport, Coimbatore


25 29.07.2016 SRP Ammainiammal Higher Sec School, RS Puram, Coimbatore


Career Awareness Programmes

SL.No. Date College/School Name Speaker

1 20.08.2016

Bharathiya Vidhya Bhavan Matriculation Higher Secondary School, R.S.Puram, Coimbatore


2 20.08.2016

Shri Nehru Vidhyalaya Matriculation Higher Secondary School, R.S.Puram, Coimbatore


3 26.08.2016 Kendriya Vidhyalaya School, Puliyakulam, Coimbatore


thCoimbatore Chapter jointly 10 Southern India Regional Conference of Practising Company

Secretaries

thCoimbatore Chapter jointly hosted 10 Southern India Regional Conference of Practising Company

Secretaries with Madurai Chapter which was held on 5-6, August, 2016 at Hotel Heritage, Madurai.

Professional Development programme on “Insider Trading under SEBI Regulations”

Coimbatore Chapter organised a Professional Development programme on “Insider Trading under SEBI

Regulations” on Saturday, 20.08.2016 at 6.00 P.M. at ICSI-Coimbatore Chapter premises. CS

C.V.Madhusudhanan, Partner, KSR & Co., Company Secretaries LLPs, Coimbatore was the speaker of the

programme. He said that Guidance Note on SEBI (Prohibition of Insider Trading) Regulations, 2015 (“PIT

Regulations”) which was issued on August 24, 2015 under regulation 11 of the PIT Regulations providing

guidance to the market to remove certain difficulties in the interpretation or application of the provisions of the

regulations. He further covered key areas of regulation. The programme got benefited by 45 participants

including CS Members and students.



During August 2016, the following career awareness programmes were conducted.

Kochi Chapter


Sr.Sl.no Date Name of Schools Counsellor No of

Students

attended

1 01.08.2016 Govt HSS

Chottanikkara,Ernakulam

Sreekumar TS

Office incharge

80

2 01.08.2016 Govt HSS

Piravom,Ernakulam

Sreekumar TS

Office incharge

120

3 01.08.2016 SNHSS,

Ayyappankavu,Ernakulam

CS Mithun B Shenoy 150

4 05.08.2016 GHSS,

N.Paravoor,Ernakulam

Sreekumar TS

Office incharge

120

5 05.08.2016 St.Xaviers College, Aluva Dr.KH Shahjahan,

Counsellor

55

6 12.08.2016 GHSS, Ernakulam South Sreekumar TS

Office incharge

60

7 12.08.2016 MES College,

Marampilly,Perumbavoor

Dr.KH Shahjahan,

Counsellor

84

8 12.08.2016 Padanilam HSS,

Nooranadu,Alapuzha

CS Suhaz MH,

Counsellor

52

9 12.08.2016 St.Micheal College,

Mayathara,Alapuzha

CS Suhaz MH,

Counsellor

50

10 19.08.2016 CAP at St.Peters HSS,

Kumbilangi

Sreekumar TS

Office incharge

60

11 23.08.2016 CAP at SRV HSS,

Ernakulam South

Sreekumar TS

Office incharge

62

12 26.08.2016 Chendamangalam Gram

Panchayat, Ernakulam

District

Sreekumar TS

Office incharge

126

INDEPENDENCE DAY CELEBRATIONS AND P.M. with a vote of thanks to the speaker by

THE PROFESSIONAL DEVELOPMENT Secretary of Chapter.

PROGRAMME ON 'OPPRESSION AND

PROGRAMME ON 'GOODS AND SERVICE TAX MISMANAGEMENT'

(GST)'

The ICSI Kochi Chapter celebrated Independence

The ICSI Kochi Chapter organized the Programme Day on Monday, August 15, 2016 at Chapter

on 'Goods and Services Tax' held on Saturday, Premises, Kochi. CS. Shyam Kumar R, Chairman

August 27, 2016 at 3:00 P.M. as a part of GST hosted National Flag at 9:00 A.M. in the presence of

Awareness Month being observed by the Institute. members and students. Thereafter he delivered

CS. Syam Kumar R, Chairman of the Chapter Independence Day message. This was followed by

delivered the welcome address to the delegates. Morning Professional Development Programme on

This was followed by Introduction of Speaker by CS. 'Oppression and Mismanagement'.

Arun Kamalolbhavan, Vice Chairman of the

The PDP started at 10.00 A.M. with welcome speech Chapter.

by

CA. Veeramani, Partner of RGN Price & Co,

Chartered Accountants, Kochi led the session. He

told that GST is destination based tax and removes

The session was led by CS. Rajesh Kumar, the multilevel taxation. It is essentially tax only on

Executive Vice President of Yogakshemam Loan value addition at each stage and a supplier at each

Limited with a brief explanation on the provisions of stage permitted to set off through tax credit

'Oppression and Mismanagement' under mechanism. The final consumer will thus bear only

Companies Act, 2013. He is of view that majority of the GST charged by the last dealer in the supply

members are entitled to exercise the powers of the chain with set off benefits at all the stages. The

Company and generally control its affairs subject to Unified tax will take in the form of a 'Dual' GST, to be

the conditions that it is as per provisions of levied by both the Central and State Governments.

Memorandum and Articles of Association and also Tax such as Excise duty, Service tax, Central Sales

should not be inconsistent with the provisions of the tax, Value Added Tax, Entry Tax or Octroi will be

Act or any other statute or constitute any fraud. If subsumed by the GST under single umbrella. He is

majority members are infringing the rights of of view that GST is expected to simplify tax

minority, then minorities are protected under the administration, ensure 'Ease of doing business' and

provision of the Act. He then explained the concept Promote the 'Make in India' project. But on the other

of Oppression and Mismanagement with various hand, GST can lead to inflation.

examples. He thereafter promulgated various cases

He then clarified to the queries raised by the law to make this topic readily understandable.

members and students and the session was

The queries of the Students and Members were concluded at 5.30 P.M. with a vote of thanks by CS.

clarified and the session was concluded at 12.30 Mithun B. Shenoy, Secretary of the Chapter.

Chairman of the Chapter. Formal introduction of

speaker was done by CS. Mithun B. Shenoy,

Secretary of the Chapter.


Mysore Chapter

49

1. CAREER AWARENESS PROGRAMMES

ICSI-Mysore Chapter organised the following Career Awareness Programmes during the month.

S.NO

NAME OF THE

SCHOOL/COLLEGE

WITH ADDRESS

ADDRESSED BY NO. OF

PARTICIPANTS DATE

1

KAUTILYA FIRST

GRADE COLLEGE,

MYSORE

CS AJAY MADAIAH B B 150 14.07.2016

2

GOVERNMENT

DEGREE

COLLEGE,

MANDYA

MR. RAVIKUMAR 180 18.07.2016

3 DEPAUL COLLEGE,

BELAGOLA CS MANJUNATH S 120 21.07.2016

4

VIDYA VIKAS

DEGREE

COLLEGE,

MYSORE

CS VEERASH M J 60 29.07.2016

5 MICA COLLEGE,

MYSORE CS MANJUNATH S 50 05.08.2016

6 KAVERI COLLEGE,

GONIKOPPA CS ANSHUMAN A S 130 09.08.2016

7

MAHARANI’S

COLLEGE,

MYSORE

CS ANSHUMAN A S 90 11.08.2016

The Speakers in all the above sessions highlighted Members, Students & Parents of Mysore Chapter

the importance of making the right career choice so were participated in the event

as to be successful in life. They then spoke about the FELICITATION PROGRAM FOR FOUNDATION

role of a Company Secretary and importance of the PASSED STUDENT

profession of Company Secretary in the changing

In order to motivate the students, a felicitation economic scenario. Brochures containing brief

program was arranged by Mysore Chapter on details of the Company Secretaryship Course were

15.08.2016, in chapter premises for the Foundation distributed to the participants. Various doubts and

Examination (June 2016) passed students. Mr. issues raised by the participants were clarified.

Prakash Kothari, Managing Director, Shubham

Electronics was the Chief Guest for the program. INDEPENDENCE DAY CELEBRATIONS

Mysore Chapter Chairman CS Bhansali M C., On 15.08.2016, ICSI-Mysore Chapter celebrated

welcomed the gathering. CS Pracheta M, Secretary th70 Independence Day in Chapter Premises. Dr. delivered the thanking notes to the participants.

Vaman Rao Bapat hoisted the National Flag and Members, Students & Parents of Mysore Chapter

delivered the Independence Day address to the were participated in the event.

students. Mysore Chapter Managing Committee


SEMINAR ON GST JOINTLY WITH CII-MYSORE

Morning Session S E S S I O N O N 2 5 Y E A R S O F I N D I A

LIBERALISATION

the Capital Small Finance Bank has started its

operations by launching 10 branch offices in Punjab,

and aims to increase the number of branches to 29 in

the current FY 2016-17.

S S Bhandare, Advisor, Economic and Government Speaking during session on '25 Years of

Policy, Tata Strategic Management Group who also Liberalisation and Shaping the Future' organized by

spoke on the occasion said “According to Economic ICSI, CII & Forum of Free Enterprise at private hotel

Survey, 2015-16, India stands out a haven of stability here on Thursday Dr Amitha Sehgal, Prof. Banking &

and an outpost of opportunity. Its macro-economy is Faculty Member, Management Institute said “With

stable, founded on government's fiscal consolidation the new initiative 'JAM' opening of banks accounts

and low inflation. Its economic growth is amongst the has made easy. Earlier people were finding difficult to

highest in the world, helped by a re-orientation of open bank accounts due to various procedures and

government spending toward public infrastructure.” formalities but now if they have Aaadar card its

“India has now established all the wherewithal of enough. Bank account can be easily opened. There

potentially achievable annual economic growth rate are nearly 80 percent smartphone users in the

of 7 to 7.5% in a longer-term perspective. There is an country, by 2020 bank account holders will be equal

inspiring backdrop of relative high economic to smartphone users in the country. Apart from this

performance of the past 25 years; a policy framework the government also set targets for all the banks, so

that is well-entrenched and evolving; and centrality of going by all this by 2020, one can see more than 80

eight transformational determinants of India's percent of the people with bank account”.

emerging economic resurgence. The broad She also mentioned that because of responsible

philosophy and fundamental spirit of liberalization innovation from RBI, even though many countries

have clearly been accepted through the length and including UK, US, China and Japan suffered severe

breadth of the country and over generations in time. recession in 2008, India didn't had any such problem.

The paradigms of an open economy, role of She also mentioned that GST uniformity one nation

competition in promoting economic welfare, growing one tax will enable uniformity in tax across India.

role of the private sector as leading agent of

“Reserve Bank of India Governor Raghuram Rajan economic change and necessity of withdrawal of the

has been felicitated with the Central Banker of the State from a host of activities, are no longer debated

Year Award (Global and Asia Pacific) for 2016 by The as fiercely as they were, when the reforms had just

Banker, the Financial Times Group's monthly begun. India is now endowed with power of youth,

publication. RBI's focus on taming inflation - India is power of technology, power of 'four D' ethos –

set to hit its 6 per cent target in 2016 - was key to this Democracy, Demographics, Demand & Direction of

performance and reinforced foreign investors' Future Policies” added Bhandare.

confidence in India's currency” added Amitha. She

also mentioned India's first small finance bank called


Dr N Muthukumar, Chairman, CII Mysuru during his

address mentioned that in the last 25 years there is

substantial progress especially in the field of

Telecommunication, Automobile and Service

Industry. He also mentioned that always we should

have dissatisfaction which will be motivating factor

for further improvement.

CS M C Bhansali, Chairman of ICSI-Mysore chapter

welcomed the gathering. Over 50 Finance Heads,

Company Secretaries & Students from various

organizations took part in the session.

to encourage better tax compliant. Almost

everything will be same but we will be changing

nomenclature. The processes are going to be the

same only thing the way we are doing the process

will be different. It is just like instead of having food in

hand we will be having it in spoon. To start with it will

be difficult to have food in spoon but once you get adjusted it will be easy. Once it is implemented filing

returns will be hassle free. Everything will happen at

the click of button. Earlier once in year, people used

to scratch their head, but now they may not know

what to do in their free time. For GST, industries

Afternoon Session should be well equipped with IT infrastructure"

added Mr. Balamurugan. Goods and Services Tax is one of the biggest tax

Mr K V Satya Prakash, Additional Commissioner, reforms we are undertaking after independence said

Commercial Taxes, Government of Karnataka who Mr K Balamurugan, Additional Commissioner,

also spoke on the occasion said “Whoever having Ministry of Finance, Department of Revenue,

VAT will automatically get migrated to GST. Under Government of India.

GST filing of returns will be online and one can file it

through their credit cards. Creating awareness Speaking during session on 'Goods and Service Act

about GST is need of the hour, the awareness and (GST) organized by ICSI-Mysore Chapter in

training for not only staffs but also for stakeholders is association with Confederation of Indian Industry

equally important. (CII) & Forum of Free Enterprise at private hotel here

this afternoon he said “GST is all is set for rolling out. Mr Ravi Prasad, Joint Commissioner, Commercial

It is long ten years journey. There were many Taxes, Government of Karnataka also briefed about

criticism that it is taking too much of time; it is one of GST. He also responded to queries on the occasion.

biggest tax reforms we are undertaking after Participants from many industries took part in the

independence naturally it has to take more time but session.

also will take more time to streamline as well. Once Dr N Muthukumar, Chairman, CII in his address said it is implemented which is expected to be from April

in particular the manufacturing sector is expected to next year, one will have lot of work but not going to do

be huge beneficiary of GST as the economic system anything new. It will be same work and same

will become more competitive. The supply chain will number. Government will be getting same revenue

become faster, seamless and more efficient due to what it is getting now. It is a hugely beneficial reform

uninterrupted movement of goods across the which will cut both transaction costs and double

country. GST once implemented will lead to a taxation”. simplified, assessee friendly tax system making the “The proposed GST will not have any problem for

country a national market and contributing those who are paying tax sincerely and honestly but

significantly to the growth of the economy he added. it will have effect on those who are not paying tax

CS MC Bhansali, Chairman, ICSI-Mysore Chapter properly. The main reason behind coming out GST is

welcomed the gathering.


Salem ChapterICSI GST Awareness Month – Aug, 2016 : Group expressed their eagerness to know more and more

Discussion on Goods and Service Tax about the new legislation.

ICSI – Salem Chapter conducted a Group

Discussion on “Goods and Service Tax” as part of

the celebration of ICSI GST Awareness month

announced by the Institute. Office bearers, ICSI Mangalore Chapter of SIRC Conducted a

members and student members participated in the Career Awareness Programme on Month of July –

discussions. August,2016 in varies Colleges in all the Districts.

The Mangalore Chapter office In Charge to Arrange CS N Santhanam, Chairman of the Salem Chapter

the all the CAP Programmes, The CAP Programmes initiated the Group Discussion on the Goods and

Conducted With support of Counllors and Members Service Tax Bill laid before both the Houses of

of the Mangalore Chapter. In Charge Shankar B Also Parliament. He outlined the salient features of the

attended the programmes and monitoring the all the GST and this is expected to benefit the consumers

Consullors programmes. The speakers are and the common man at large by removing various

explained in Details of CS Foundation program, CS taxes and duties being levied at various stages and

Executive Programme and CS Professional by various States apart from the Central

Programme, syllabus Structure of the course, online Government. The GST aims at adopting a dual tax

registrations and the job opportunity after completed system through input tax credit system which

the CS Course both the employment and practice. ultimately would remove the cascading effect on

And explain for the foundation & Executive course double tax on the same input.

examination patron of on line and so on, after he has CS S Gnanasekharan , Vice Cha i rman

completed to explanation, Chapter office in Charge supplemented the discussion by highlighting the

Mr. Shankar B explained the how to Registration for various terms like supply and services defined in the

online mode and how to making the payment of Bill. He said the word “supply” includes transfers,

Registration fee for foundation and Executive and leasing, renting out, exchange or barter. He also

Professional. He has to explain to the Oral Coaching highlighted what is consideration and furtherance of

Class Conducted to the ICSI Chapter office at business which are essential to understand the

Mangalore for the June and December provisions of the Bill.

Examination, and also he had distributed the CS Other Members and student members raised a

Course broachers for all the Students Students number of queries and they are answered by other

Attuned the Career Awareness Programm, after practicing members.

the Students Rise the queries, Explained the Each

The discussion brought out an awareness about the query to successfully.

GST Bill and members and student members

1] Career Awareness Programmes

Mangalore Chapter


SL.NO DATE COLLEGE/INSTITUTION SPEAKERS

1 7th July Govt. first Grade College for

Women Puttur- Dhakshina

Kanada Disrt

Mr. Bindusara Shetty

Counselor- Dhakshina Kada

disrt-2

2 8th July Govt. P U College Kabaka,

Puttur- Dhakshina Kanada

Disrt



disrt-2

3 11th July ShithaRaghava P U College -

Dhakshina Kanada Disrt



disrt-2

4 12th July Govt P U College Kumbettu-

Puttuer Dhakshina Kanada

Disrt.



disrt-2

5 14th July Indus Colles Bolwar, Putter-

Dhakshina Kanada Disrt



disrt-2

6 20th July Govt. P U College

Uppinangady- Dhakshina

Kanada Disrt



disrt-2

7 25th July Sri Ramachnadra P U college-

Bantwal Tq- Dhakshina

Kanada Disrt



disrt-2

8 26th July Bushra Pre-University college

Kavu, Puttur, Dhakshina

Kanada Disrt



disrt-2

9 27th July Govt. First Grade College

Vittal - Dhakshina Kanada

Disrt



disrt-2

10 28th July Govt. Pre-university College

Kumbra DK



disrt-2

11 29th July BEM Aided P U college-

Mangalore



disrt-2

12 29th July Narayana Guru P U College –

Mangalore



disrt-2

13 August

5th

Milagres Degree College,

Kallianpura-Udupi Disrt

Shanthosh Prabhu

Counsellor – Udupi dist


14 August

08nd

SDM Law College –

Mangalore Dhakinakanada

disrt

Shanthosh Prabhu Counsellor –

Udupi dist

15 August

9th

St Agnes Degree college-

Mangalore - Dhakishna

Kanada Disrt


Udupi dist

15 August

11th

Sathya Sai PU College, Alike-

Dhakishna Kanada Disrt


Udupi dist

SL.NO DATE COLLEGE/INSTITUTION SPEAKERS

17 Aug 16th Govt First Grade College, Koppa Nagesh Shenoy P

Counsellor of

Chikmagular dist

18 Aug 16th Govt PU College, Koppa Nagesh Shenoy P

Counsellor of

Chikmagular dist

19 Aug 17th Govt PU College, Kamaradi Nagesh Shenoy P

Counselor of

Chikmagular dist

20 Aug 17th ARS PU College, Hariharapura Nagesh Shenoy P

Counsellor of

Chikmagular dist

21 Aug 18th Govt PU College, Sringeri Nagesh Shenoy P

Counsellor of

Chikmagular dist

22 Aug 18th BGS PU College, Sringeri Nagesh Shenoy P

Counsellor of

Chikmagular dist

23 Aug 19th BGS PU College, Jayapura Nagesh Shenoy P

Counsellor of

Chikmagular dist

24 Aug 19th BGS Degree College, Jayapura Nagesh Shenoy P

Counsellor of

Chikmagular dist

25 Aug 19th BES PU College, Balehonnuru Nagesh Shenoy P


Palakkad Chapter

Date Name of School/College Speaker No of students

25.08.2016 Mercy College Palakkad CS Sreejith S. Warrier &

Ms. Roby Joseph Office

in Charge

65

26.08.2016 Government Victoria

College, Palakkad

CS Sreejith S. Warrier &

Ms. Roby Joseph

Office in Charge

75

27.08.2016 Jayamatha College,

Palakkad

Ms. Roby Joseph

Office in Charge &

Adv Remya Nair

120

CAREER AWARENESS PROGRAMMES

Palakkad Chapter of SIRC of the ICSI conducted 3 Career Awareness Programmes during the

month of August the details of the same is summarised as below.

Course leaflets were distributed amongst the effects of alcohol, drugs etc. The Chief Guest,

students and faculties and they were appraised elucidated how addition to the same would dismantle

about the course, opportunities available after the strength of Our Nation and why should we

completion of the Company Secretaryship Course, abstain from these stuffs. He explained to the

mode of registration, syllabus, course contents, fee students as future citizens of the nation how we

structure, placement services etc. The various could play a role in our lives to respect our country

support given by the Institute for pursuing CS course and make it a better place for Indians to live and

by way of Scholarships, ICSI Education Fund Trust experience the freedom, peace and unity in diversity.

etc. was also explained to the participants. The Chief Guest recited the National Pledge to all the

INDEPENDENCE DAY CELEBRATIONS participants of the programme. The Independence Day

celebrations was followed by launching of the second Palakkad Chapter of SIRC of the ICSI celebrated

edition of Corporate Synergy- Students Magazine. The Independence Day with great enthusiasm and

th programme concluded with a Vote of Thanks by CS respect at the Chapter premises on 15 of August

Neeraj Vasudevan, Vice Chairman and distribution of 2016. The programme started with singing the

sweets to the participants.National Song Vande Mataram. CS N.N. Krishnan,

Chairman welcomed the gathering and introduced SESSION ON INVESTMENTS, LOANS AND

the Chief Guest. DEPOSITS UNDER COMPANIES ACT 2013

Shr i . Jayanth i Vasan, Assis tant Excise Palakkad Chapter of SIRC of the ICSI had organised a

Commissioner (Thrissur Circle) was the Chief Guest Half Day Professional Development Programme on

of the Programme. To commemorate the sovereignty Investments, Loans & Deposits under Companies Act

of our Nation Shri. Jayanthi Vasan, spoke about the 2013 on 7th August 2016 at ICSI Palakkad Chapter

importance of the occasion. He stated about the ill


Visakhapatnam Chapter

T h e s e s s i o n w a s i n a u g u r a t e d b y C S Sivaramakrishna Chapter In charge welcomed to

ndS.N.Ananthasubramanian, Former ICSI Prersident and 2 Session NCLT speaker CS Marathy SS started

Founder Partner of S.N. Ananthasubramanian & Co., with history, notification, benefits, and powers,

Company Secretaries, Thane. The session was handled NCLT Rules, NCLT Filing, Drafting and ended with

by CS George Mathew, Practicing Company Secretary dress code.

from Kozhikode.

SPONSORING OF NEWSPAPERS TO SCHOOL 54. The, Principal, Aditya Degree College,

STUDENTS THROUGH MADHURAM MALAYALAM Rajahmundry on 23.08.2016 participated B.Com,

PROGRAMMEFinal year Students approx 150 nos.

ICSI Palakkad chapter as part of its CSR and branding 55. The HOD Commerce, Govt College A,

activities, have set forth an innovative idea of distributing Rajahmundry on 23.08.2016 participated B.com,

Newspaper to all grades of Government L.P.School, Final Year Students Approx 300 nos

Nurani for one year starting from August 2016. The 56. The Principal, Smt Bullammai Mahila Degree

programme is being implemented through the College, Rajahmundry on 23.08.2016 participated

Madhuram Malayalam initiative of Mathrubhumi B.com, Final Year Students approx 125 nos.

Newspaper.

57. The Principal, SKVT Degree College, CS N.N.Krishnan, Chairman ,ICSI Palakkad Chapter

Rajahmundry on 23.08.2016 participated B.com inaugurated the programme and explained the need and

Final Year Students approx 150 nos. importance of reading newspapers daily. He urged them

to inculcate the habit of reading newspapers daily.

Full day Seminar on Insolvency & Bankruptcy

Code, Companies (Amendment) Bill 2016, ICSI Visakhapatnam Chapter organized full Day

Board’s Report and Goods & Service Tax (GST)seminar on NCLT and Modes of Funding

The ICSI-Amaravati Chapter organized a Full day The ICSI Visakhapatnam Chapter Organized Full

Seminar on “Insolvency & Bankruptcy Code, Day Seminar on 06.08.2016 at Chapter Premises.

Companies (Amendment) Bill 2016, Board’s Report CS SV Rao Member welcomed to all the

and Goods & Service Tax (GST)” on Friday, the 26th stparticipants and introduced 1 session speaker CS

August, 2016 from 10.00am to 5.00pm at Hotel Venkataramana R, PCS – Hyderabad. The speaker

Kartikeya Grande, Guntur. CS K Srinivasa Rao, started with Funding, Why funds are required for

Chairman, ICSI-Amaravati Chapter welcomed the business, Modes of raising Funds, Types of share

Members and students. CS Ramakrishna Gupta, Capital, Issue of Securities and Recent

Company Secretary in Practice & Secretary, SIRC amendments on High lights of share capital and

of the ICSI, CS Venkata Ramana R, Company debenture 3rd Amendment rules 2016, Difference

Secretary in Practice & Vice- chairman, ICSI between private placement and Preferential

Hyderabad Chapter & CS Fahim Aslam Khan a l lo tment , Buy back shares. Mr. PRV


Amaravati Chapter


Calicut Chapter

57

Chartered Accountant, Guntur were the speakers. Companies (Amendment) Bill 2016 with brief

CS J V Rama Rao, Vice chairman, ICSI-Amaravati summary of various sections.

Chapter appreciated the speakers with the The session concluded with CS Anjaneyulu CH,

introduction of speakers. Company Secretary thanked speakers, all the

The first technical session started with the CS members and students participated in the

Ramakrishna Gupta R addressed on the Insolvency programme.

& Bankruptcy Code. In this session he was explained

about what is Insolvency and Bankruptcy, Existing

Legal System in India, Need for the uniform code,

Essential features of the code, Opportunities for CS

and other professionals, saving & Repeals with

power point presentations.

The Second technical session started with the CS

Venkata Ramana R addressed Preparation and

presentation of Directors’ Report under the

companies Act, 2013, Boards’ Report, Relevant

Sections of Boards’ Report & Directors’ Report,

Nature of Fraud and Irregularities, Corporate Social

Responsibility, other disclosures, and common

mistakes in Notice, Agenda Notes & Directors’

Report, Imprisonment & Penalties for Non-

Compliance with power point presentations and

video clippings.

The Third technical session started with the CA Anil

Kumar Thota addressed on Goods and Service Tax

(GST). In this Session he explained about what is

GST, Need for GST, Model GST, Comparison of

Present Tax structure and proposed Tax Structure

Under GST with illustrations, Benefits of GST.

The last technical session taken by the CS Fahim

Aslam Khan addressed on Key highlights of

Independance Day Celebrations

th India's 70 Independence Day was ceremonialized

by Calicut Chapter of SIRC of ICSI with great

devoutness.

The day commenced at 8:30 A.M. in the morning,

when Members and students totaling to around 20

numbers agglomerated at the Chapter premises to

commemorate the day. The Chairman, C S Riyas

Babu unfurled the national flag at 8.45 A.M and the

flag hoisting was followed by the national anthem.

Chairman and Secretary addressed the gathering

and shared their views on values of freedom and

patriotism. The celebrations concluded with the

distribution of sweets to everyone.


Particulars Price

GN on Diligence Report For Banks 499.00

GN on Internal Audit Of Stock Brokers 300.00

Badges 50.00

Neck Tie(New) 500.00

T-Shirt 300.00

CD-CSJ 8th Edition 39 years 1000.00

Est of Branch Liaison Project Offices in India 200.00

Ref on Fillling and Filing of Eforms 23AC and 23ACA 100.00

GN on related Party Transactions 150.00

GN on listing of Corporate Debt 150.00

HB on Mergers Amalgamations and Takeovers L&P Revisied 695.00

DNA of Integrity 200.00

G N On Board Processes 50.00

G.N.Dividend 150.00

G.N. Meeting of Board of Directors 150.00

Hand Book on Internal Audit of DP 150.00

CS regulation 1982 upto 2010 100.00

CS Act 1980 50.00

Hand Book on Arb & Alt.Dispute Res 175.00

Securties management & compliances 225.00

GN Compliance 125.00

CG Insights 200.00

Gn on General Meeting 150.00

Reference on Secretarial Audit 500.00

GN On Buy-Back Of Securities 150.00

GN On Corporate Governance Cert(II Revised Edt) 200.00

CAP 60.00

GN on certification under IP 50.00

Reference on XBRL (revised) 200.00

GN on Code of Conduct for CS (new) 250.00

Delisting of Equity Shares 250.00

Beyond Clause 49 100.00

Board Committees 100.00

Peer Review Manual 200.00

Referancer on certifi.secur.transfer 100.00

Referancer on Recon.share.capital.audit 100.00

Basics of Mutual fund investment 150.00

Capital money and commedity 250.00

Internal Concert.adiut of dp 200.00

Sebi A Quick referancer 200.00

Referencer on transfer Pricing 100.00


ICSI Publications 2016

58



Announcement for Members


ICSI-SIRC eNewsletter Announcement for Members


I. OBJECTIVES

a. To promote and guide start-ups

b. To promote innovations

c. To help start ups in getting necessary capital to take-off

d. To support and guide business acceleration

II. BENEFIT TO MEMBERS

· Newly inducted members into practice can avail office facilities at a nominal cost on prior

booking/ confirmation basis (in different slots during office hours).

· CS Chamber will provide office facilities to PCS for dealing with their clients.

III. FACILITIES AVAILABLE AT CAC

· The CAC Chambers is well equipped with all state-of-the Art facilities to resemble a corporate

look having WiFi/internet, Telephone, Scanning & Printing, Reception Desk, Reference Library,

and other basic amenities. Cafeteria facility can be provided (on cost basis).

· Additional facility of Web Camera can be arranged on need basis

IV. ONLINE REGISTRATION PROCEDURE

1. An active member of ICSI is eligible for login to the CAC Application through the link

https://www.icsi.in using his/her valid online user credentials.

2. After successful Log In, the Home page of the CAC application will appear.

3. From the Home page, a member can click on ‘Registration for CAC’ for registration. The list of

available office location/s will appear on the screen.

4. Member can select the desired location from the list of office location for the registration. All

available services on this location will appear along with their charges like Registration charge etc.

5. Registration for multiple locations can also be done simultaneously. The total accumulated charges

will appear on the screen.

6. On clicking the ‘Proceed for Payment’ button system will redirect to the Payment Gateway screen.


1. On confirmation of the payment member can get the Payment Receipt for CAC registration.

The registration is valid for One year from the date of booking. An email and SMS will be sent

to the member on successfully completing the registration process.

2. Registered members can book their time slot depending upon their requirements and also

depending upon the availability of the CAC office for the selected location by clicking on

‘Booking for CAC’ menu item. It will show the status of booking for the already registered

location office(s). The available date can be checked from the check button.

3. Booking Receipt will get generated after the successful booking. Member can take the printout

of the same to show his booking details to location office at the time of entering the premise.

An email and SMS will be send to the Member and as well as the Location Office for the same.

4. Members can cancel their bookings by clicking on the menu item ‘Cancellation of CAC

Booking’. All the valid booking details will appear for cancellation. A confirmation message

will appear before final cancellation. Once a booking is cancelled for selected date, booking

time will again be returned back to the member’s account.

5. The menu item ‘Receipt for CAC booking’ will be used for getting the receipts for the

Payment and as well as the Booking data. Member can generate the receipts and take the

printout of the receipts as and when required.

6. About Page is available for providing the guidelines about how to use the CAC application.

7. After certain time the member will be logged out automatically and redirected to the Login

page of the application.

8. A report facility has also been generated for the admin user of the corresponding office to view

the Booking status.

9. The registration fees and other charges are as follows:

i. Annual Registration charge (for each location): INR 5000/-

ii. Scanning Charges: INR 3.00 per page to be charged on actuals

iii. Photo Copy Charges: INR 1.00 per page to be charged on actuals

I. GUIDELINES TO THE USERS

The permissible use of CAC shall be maximum 06 (six) hours per month per member. The

membership to CAC is non-transferable and only registered member can avail the facilities. If a

member wants to use more than 6 hours in a month, no additional charges need to be collected for

the same. However, the number of extra hours used in that month shall be deducted from the total

hours allotted in a year. Further, if a member does not use 6 hours in that month, it will get lapsed

in that month and any unutilized allocated hours will not be carried forward to the next month.

Booking can be done in advance for maximum of two months from the current date.


Announcement for Students


*Excluding Elective subjects

For further details please contact: SIRC OF THE ICSI9, Wheat Crofts Road, Nungambakkam, Chennai – 600 034Phone: (044) 28279898, 28268685 E-mail: [email protected]

66

Commencement of Class Room Teaching

SIRC of the ICSI commenced Class Room Teaching for Professional Programme thModule-III for December 2016 examination on 27 August, 2016 at “ICSI-SIRC

House”, Chennai.

CLASS ROOM TEACHING:

Stage Date of Commencement

Fee

Professional Programme

Module-I for December

2016 examination

03.09.2016 Rs.6100/-

Professional Programme

Module-II for December

2016 examination

03.09.2016 Rs.6100/-

Executive Programme

Module-I Morning for

June 2017 examination

03.10.2016 Rs.6100/-

Executive Programme

Module-II Evening for

June 2017 examination

03.10.2016 Rs.5600/-

Foundation Programme

Morning Batch for June

2017 examination

19.12.2016 Rs.5100/-

Foundation Programme

Morning Batch for June

2017 examination

19.12.2016 Rs.5100/-


mailto:[email protected]

Meeting on proposed New Syllabus

The SIRC of the ICSI conducted a Meeting of the Faculty, Chennai Members Coordination Group

(CMCG) and Class Room Committee on 30.08.2016 at ICSI-SIRC House, Chennai. CS

Ramasubramaniam C, Chairman, Syllabus Review Board and Council Member, ICSI

welcomed the faculty members and highlighted the importance of the meeting and requested to give

their suggestions and views for structuring a new syllabus which will meet the requirements of all

stakeholders.

Twenty Four members attended the above meeting. Faculty members gave their suggestions in

structuring the proposed new syllabus. CS A. Mohankumar, Chairman, Class Room Committee, ICSI-

SIRO participated and interacted with the faculty members.

Ms. Sarah Arokiaswamy, Joint Secretary, ICSI-SIRO proposed vote of thanks.

67

Documents

eNewseltter for the month of August 2016.cdr (Latest) · Governance, Cognizant Technologies Ltd, Chennai Free 16.09.2016 Friday PCH 1 ICSI-SIRC House, Chennai Study Circle Meeting